BIP Sells: Esplanada Apartments

Bayshore Investment Partners («BIP») is pleased to announce the sale of Esplanade Apartments, a 186-unit apartment complex completed in 2009 in Orlando, Florida. The asset was acquired from Starwood Capital as part of BIP’s Class B acquisition strategy in
2017. The property was identified as a target based on the proximity to the Millenia Mall and the large two- and three- bedroom floorplates, as it was originally planned to be for-sale condo product.
Over the five years of ownership, BIP was able to efficiently manage the asset while significantly increasing the NOl as rental rates surged in the Orlando market. Upon amortization commencing on the loan, the partnership marketed the property for sale.
As the debt capital markets and insurance market became volatile, BIP was able to work with the buyer by keeping open lines of communication with all relevant stakeholders and ultimately extended the closing date. Esplanade was sold in December 2022 and delivered LP returns of a 28.05% IRR and a 3.6x equity multiple.
We would like to thank Sherry Stanley who represented BIP and Shelton Grenade, Luke Wickham and Justin Basquil from IPA Florida who represented BIP in the disposition.