Bayshore Investment Partners («BIP») is pleased to announce its first acquisition of 2022, Piedmont Pad Apartments. Developed in 2007, the property is located in Downtown Atlanta alongside one of Atlanta’s main arteries, Piedmont Avenue, and consists of 144 bulk units (out of a total of 160 units in the condominium). Furthermore, the property is situated just south of Peachtree Center and is two blocks away from the main campus of Georgia State University (+51,000 students) and Grady Memorial Health System (fifth largest public hospital in the U.S.).
The property will be rebranded to Piedmont Pad Apartments and is the third asset acquired by BIP’s first fund, BIP Multifamily Fund l, LP which raised over $38 million (including co-invest vehicles). The fund is focused on investing in 100 – 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte.
We would like to thank the Polsinelli team of Kimberlie Pearlman and Nataly Caras for representing BIP as well as Travis Presnell, Mike Kemether, Wesley Lacefield and James Wilber from Cushman & Wakefield who represented the seller in this transaction. The property will be managed by BIP’s sister company, Cynergy Property Management, LLC.
BIP is a Miami-based 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 sixteen apartment communities with approximately 2,250 units since inception and an additional 1 70,000 square feet of retail and industrial flex assets comprising of approximately $360 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.