Ybor City apartments sell for $90 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 27, 2022

An apartment complex in Ybor City has sold for $90.65 million or more than $376,141 per unit.

Bainbridge Ybor City, which wrapped up construction in 2017, last sold in late 2020 for $58 million or $241,667 per unit.

In the latest transaction, New York-based GMF Capital LLC sold the apartment complex to a private investor, according to CBRE Group Inc., which arranged a joint venture equity partnership and acquisition financing on behalf of the unidentified buyer. The transaction has not yet been filed in Hillsborough County property records.

The 56% increase in sales price in less than two years is reflective of the white-hot nature of Tampa Bay's rental market. Rents in the region are among the fastest-growing in the nation; with year-over-year increases of more than 30%, Tampa and St. Petersburg ranked second and third nationally for fastest rent growth, according to Apartment List. Still, wages here lag more expensive metros, and tenants are spending 36% of their household income on rent versus 25% in Boston and 23% in San Francisco, according to Apartment List and the U.S. Census Bureau.

Monthly rents at Bainbridge Ybor City start at $1,811 for a one-bedroom, 627-square-foot apartment.

Eric Fixler, Chandler Kaye and Chris Smiles of CBRE arranged the financing for the buyer. Square Mile Capital provided a $67.55 million senior loan, and CBRE secured $32.58 million in equity provided by an international private equity group. The additional proceeds will be used for capital improvements, including interior improvements and upgrades to the amenity and common areas — all of which "will accelerate the overall rent growth experienced at the property," Fixler said.

“The investment into this Class A asset represents a commitment to the core downtown Tampa multifamily market made by our client and their institutional partner,” Fixler said in a statement. “Our ability to secure a strong institutional equity partner with superior financing demonstrates the depth of the Tampa market and continued expectation for outstanding performance.”