Tag: Westwood Crossing Apartments

Newmark announces the sale of a two-building multifamily portfolio comprising Creekbridge & Woodbridge Crossing, located at 1002 Creekbridge Road and 1212 Askew Drive in Brandon, Florida. Totaling over 216,000 square feet, the properties traded from Bayshore Investment Partners, LLC–a Miami-based multifamily and commercial real estate investment and management company–to Houston-based real estate management company WGA Legacy Property Management (“WGA Legacy”) for an undisclosed price.

Newmark Multifamily Capital Markets Executive Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Managing Director Andrew Visnick, Directors Cameron Wolfe and Pibu Aulakh and Associate Eric Gfesser represented Bayshore Investment Partners in the sale transaction.

“Both Creekbridge and Westwood Crossing offer a low-density feel and are strategically located within the Tampa suburb of Brandon, benefitting from convenient access to great employment, retail and entertainment destinations,” said Moody.

Creekbridge and Westwood Crossing presented investors with a substantial value-add opportunity to acquire 200 residential apartments in one of the top-performing submarkets within the ever-strong South Florida market. Further enticing investors is the significant value add remaining at both properties, including opportunities to improve the asset’s exteriors, various site and landscaping improvements, expanding and enhancing the amenity program and potential development of additional units at Creekbridge.

Situated within the vibrant and growing community of Brandon, Florida, Creekbridge and Westwood Crossing benefit from convenient access to the surrounding area’s amenity-rich environment. Located a short distance from a variety of offerings, residents enjoy nearby parks, lakefront trails, a vast selection of happening retail and restaurant destinations and a bustling downtown area. In addition to the neighborhood’s offerings, both properties feature a roster of on-site amenities, including beautiful landscaping, on-site management and maintenance, a resident clubhouse, a state-of-the-art fitness center and an outdoor gym, mini soccer, a children’s playground and exquisite pools.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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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.

Bayshore Investment Partners (“BIP”) is pleased to announce the sale of Jaffa Drive Business Park located in St. Cloud (Orlando), Florida. The 63,200 square foot small bay industrial flex warehouse was developed in phases from 2006 to 2018 and was 100% leased at the time of sale. We would like to thank Chad Freedman of Ballaga Freedman & Atkins LLLC who represented BIP and Jones Lang LaSalle’s Luis Castillo and Cody Braise who represented BIP in the disposition. Upon sale, the partnership achieved LP IRR returns of 71.26% and a 2.37x equity multiple in less than 2 years of operations.

Bayshore Investment Partners, 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 seventeen apartment communities with over 2,200 units since inception and an additional 170,000 square feet of retail and industrial flex assets comprising over $350 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. 

In addition to acquiring properties partnering with high-net-worth family offices, BIP closed on BIP Multifamily Fund I, LP, its first fund focused on 100 to 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte, with +$38M in commitments raised (including co-invest vehicles). For more information, please visit www.bayshoreinv.com.