Bayshore Investment Partners (“BIP”) is pleased to announce the recent acquisitions of Avenue @ Creekbridge, a 112-unit apartment community developed in 1987 and Westwood @ 60, an 88-unit apartment community developed in 1986. Both assets are located in Brandon, Florida, a strong rental submarket of the Tampa metropolitan area. The properties will be rebranded to Creekbridge Crossing Apartments and Westwood Crossing Apartments, while increasing BIP’s “Crossing” branded Tampa MSA portfolio to four communities with approximately 550 units.
The acquisition of Westwood and Creekbridge represents the rst two assets acquired by BIP’s rst fund, BIP Multifamily Fund I, LP. The fund is focused on 100 to 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte, with +$32M in commitments raised for its rst closing (including co-invest vehicles). BIP Multifamily Fund I, LP will have a second and nal fund closing prior to year-end.
We would like to thank the Polsinelli team of Kimberlie Pearlman and Nataly Yosef, for representing BIP as well as the Berkadia team of Brad Williamson, Mitch Sinberg and Kyle Ryan for arranging nancing. Finally, we would like to extend our gratitude to Ryan Moody and Patrick Dufour from Newmark who represented the seller in this transaction. Both properties will be managed by BIP’s sister company, Cynergy Property Management .
BIP is a Miami-based real estate investment and management rm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial ex assets. BIP has acquired fteen apartment communities with over 2,000 units since inception and an additional 170,000 square feet of retail and industrial ex assets comprising over $300 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com.