Bayshore Investment Partners acquired Avenue at Creekbridge for $22 million and Westwood at 60 for $18 million
Berkadia announces it has secured $28.35 million in combined financing for the acquisition of two multifamily communities in Brandon, Florida. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge, a 112-unit apartment community for $22.45 million that was rebranded to Creekbridge Crossing Apartments and Westwood at 60, an 88-unit apartment community for $18.05 million that was rebranded to Westwood Crossing Apartments.
Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami secured a $15.71 million loan for Avenue at Creekbridge and $12.63 million for Westwood at 60.
Freddie Mac originated both loans, which are seven-year full term interest-only loans with a competitive fixed interest rate.
“Berkadia was successful in obtaining a very attractive interest only financing for these acquisitions to help our client maximize overall cash-on-cash returns,” said Williamson.
Located at 1002 Creekbridge Road, Avenue at Creekbridge was built in 1987 and offers two- and three-bedroom apartments ranging from 950 square feet to 1,175 square feet. Individual units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, large living rooms, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a 24-hour fitness center, Bark Park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock.
Located at 1212 Andrew Drive, Westwood at 60 was built in 1986 and offers one-, two-, and three-bedroom apartments ranging from 1,120 square feet to 1,855 square feet. Individual units feature vaulted ceilings, wood plank vinyl flooring, large living rooms, stainless steel appliances, brushed nickel finishes, gooseneck faucets, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a 24-hour fitness center, swimming pool, grilling area, a business center, package services, mobile account management and rent payments, and Amazon Hub lockers.
The properties are located in Southeast Tampa in Hillsborough County, near the McKay Bay Nature Park, Brandon Mall, Southwest Florida College and less than a half hour away from the Tampa International Airport.
Bayshore Investment Partners, LLC (“BIP”) is a real estate investment and management firm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial flex assets. BIP has acquired fifteen apartment communities with over 2,000 units since inception and currently operates four “Crossing”-branded communities within the Tampa metro area. The acquisition of Westwood and Creekbridge represents the first two assets acquired by BIP’s first fund, BIP Multifamily Fund I, LP (the “Fund”). Through both the Fund and separate account clients, BIP seeks to acquire 100–250-unit apartment communities, 1980’s or newer in Florida, Atlanta, Charlotte and Raleigh. For more information, please visit www.bayshoreinv.com
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
