Tampa, Fla. (July 2022) – Privately-held actual property funding agency twenty ninth Road Capital (29SC) has acquired Bay Crossing Flats. The transaction marks the agency’s eighth multifamily acquisition within the Tampa Bay space and its tenth total in Florida.
Bay Crossing is a 328-unit, Class B fractured-condo neighborhood with an infill Class A location within the rapidly-developing South Tampa peninsula, which presents residents a cushty and versatile life-style. Situated close to MacDill Air Drive Base, the centrally-located property has direct entry to an elevated expressway that connects Downtown Tampa with St. Petersburg’s companies, sights, and seashores. It additionally presents handy entry to prime leisure venues together with Tropicana Discipline, Raymond James Stadium and Amalie Enviornment. The neighborhood is close to each Tampa Worldwide and St. Pete-Clearwater Worldwide airports.
The neighborhood boasts trendy finishes and facilities together with a resort-style pool with an expansive sundeck, grilling stations with seating areas and an off-leash canine park. The clubhouse has a health middle, enterprise lounge and 24-hour bundle locker system. 29SC plans to inject extra capital into the property to renovate interiors, improve facilities, improve curb attraction and enhance upkeep. The development plan, coupled with the property’s many engaging options, are a part of 29SC’s signature luxurious way of life.
29SC’s in-house property administration firm, Haven Residential, is overseeing administration and leasing.
“Bay Crossing is an thrilling acquisition for the funding group at twenty ninth Road Capital,” mentioned Christopher Steiner, Vice President of Acquisitions for the Florida Area. “It’s uncommon to search out a chance in a aggressive market that firmly checks all of the containers. This property’s irreplaceable location gives an reasonably priced different for residents who need an city surroundings in one in all Tampa Bay’s most fascinating submarkets. We’re thrilled so as to add this unbelievable neighborhood to our Florida portfolio.”
Bay Crossing is positioned at 4711 S. Himes Avenue in Tampa. The transaction closed on Thursday, June 30, 2022. The sale value and vendor weren’t disclosed.
Within the final 12 months, 29SC has acquired over 31 multifamily belongings throughout america that comprise over 7,900 items. The agency continues to actively pursue new alternatives.
Shaped in 2009, twenty ninth Road Capital is a privately held actual property funding agency with 16 places of work nationwide. Its present portfolio consists of greater than 20,000 current items and a improvement pipeline of over 3,800 items. Study extra about 29SC at www.29thstreetcapital.com.
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