BIP Acquires: The Pad on Harvard

Miami-based Bayshore Investment Partners (“BIP”) is pleased to announce the recent acquisition of Pad on Harvard, a 109-unit boutique apartment community in Atlanta, Georgia in the College Park Submarket. The community was developed in 2016 and is located across the street from the College Park MARTA station, one stop from the Atlanta Hartsfield Airport. Offering studio, one-bedroom and two-bedroom apartments, each unit is outfitted with granite countertops, premium appliances and wood flooring. Oversized community amenities include a pool, gym, indoor/outdoor sky view lounge, gated parking and a spacious clubhouse. This marks BIP’s second multifamily acquisition in the Atlanta market. BIP’s sister company, Cynergy Property Management (“CPM») will be managing the property on behalf of BIP. BIP was represented locally by Eric Weiss and Brandon Kopp of Schulten Ward Turner & Weiss, LLP and its Florida-based corporate counsel Chad Freedman of Ballaga Freedman & Atkins. Cushman & Wakefield’s Travis Presnell and Alex Brown represented the Seller.

BIP acquires multifamily and industrial flex properties throughout Florida and Atlanta and is expanding to North Carolina and Nashville. Including an additional community BIP is closing on in late April, BIP / CPM will own and manage thirteen multifamily properties with approximately 1,800 units and over 150,000 square feet of commercial properties. BIP seeks additional apartment communities, Class B or better, between $10 and $40 million.


Investors pay $24M for new apartment complex in Lantana

Price breaks down to $222,222 per unit

UPDATE April 15 1:48 P.M.: Miami investors just put down $24 million for a two-year-old apartment complex in Lantana, a coastal town in Palm Beach County just north of Manalapan.

The deal includes Bridgewater at Lake Osborne, a a 9.6-acre apartment community with 108 units at 2282 Lantana Road. County records show it was built two years ago by a partnership between multifamily builder Eastwind Development and the Index Investment Group.

Eastwind and Index paid $2.75 million for the acreage where they built Bridgewater in 2012. Now, the partnership has sold the community for $222,222 per unit to a a Delaware limited liability company managed by Jared Brunnabend.

This isn’t the first community Eastwind and Index have partnered on: the two built Dakota at Abacoa, a 190-unit complex in Jupiter, which they sold in February to Priderock Capital Partners for $42 million.

ARA Newmark’s  Hampton Beebe, Avery Klann, Jonathan Senn, Dick Donnellan and Marc deBaptiste brokered both sales on behalf of the developer.

Brunnabend is the principal of Bayshore Investment Partners, a real estate company that looks to buy apartment communities with a minimum of 100 units throughout Florida, according to his LinkedIn page. The firm currently owns seven communities for a total of 900 units.

Brunnabend’s company financed its purchase of Bridgewater with a $17.5 million loan from The PrivateBank’s Atlanta office.

Some of Bridgewater’s amenities include a community pool, waterfront pavilion and even its own boat ramp into Lake Osborne. Rents at the complex start $1,579 for a two-bedroom, two-bathroom unit.