The Bainbridge Companies is targeting to raise between $250 million and $300 million through its first multifamily fund — and it's already busy deploying capital.
Along with the goal, the developer said in a statement that it had closed its first acquisition for the fund related to Wesley Chapel Apartments in the Tampa, Florida, area.
The luxury community consists of 228 units. Some amenities at Wesley Chapel include a fitness center, a clubhouse, a media room, a pool, a pickleball court, stainless steel appliances, walk-in closets, a beach entry pool, and electric vehicle charging.
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“This acquisition strongly embodies all of the characteristics we are seeking in Fund investments, including well-located and well-executed stabilized multifamily properties in fast-growing Southeast and Mid-Atlantic regions, sourced on an off-market basis at a substantial discount to current replacement costs using Bainbridge’s vertical integration,” Bainbridge chief investment officer Mark Stewart, said in a statement.
“Wesley Chapel is one of the fastest-growing markets in Florida, with strong potential for continued growth and absorption.”
The purchase adds to Bainbridge's Tampa portfolio, where it operates 5,000 apartments. Some other communities it manages in Wesley Chapel include Bainbridge Wesley Chapel and Charleston Wesley Chapel.
Richard Schechter, chairman and CEO of the Wellington, Florida-based firm, said the company is "aggressively pursuing acquisitions" to grow and sees "tremendous potential in the Tampa MSA."
Additionally, Bainbridge said it held its first closing for the fund, which amounts to roughly $150 million for new acquisitions. With that capital, the company plans to target assets in the Mid-Atlantic and Sunbelt regions.
Meanwhile, multifamily in Tampa has endured some challenges. A second-quarter report from Boutique National revealed that vacancy spiked by more than 200 basis points versus the same period in the year before. Demand isn't the issue, as absorption was up 25 percent — rather, supply is. The construction completions of 7,400 units marked a record for Tampa. Boutique expects rent growth to return by this year, below the ten-year average of five percent.
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