Tampa, Fla. (July 2022) – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired Bay Crossing Apartments. The transaction marks the firm’s eighth multifamily acquisition in the Tampa Bay area and its 10th overall in Florida.
Bay Crossing is a 328-unit, Class B fractured-condo community with an infill Class A location in the rapidly-developing South Tampa peninsula, which offers residents a comfortable and versatile lifestyle. Located near MacDill Air Force Base, the centrally-located property has direct access to an elevated expressway that connects Downtown Tampa with St. Petersburg’s businesses, attractions, and beaches. It also offers convenient access to prime entertainment venues including Tropicana Field, Raymond James Stadium and Amalie Arena. The community is near both Tampa International and St. Pete-Clearwater International airports.
The community boasts modern finishes and amenities including a resort-style pool with an expansive sundeck, grilling stations with seating areas and an off-leash dog park. The clubhouse has a fitness center, business lounge and 24-hour package locker system. 29SC plans to inject additional capital into the property to renovate interiors, upgrade amenities, enhance curb appeal and improve maintenance. The improvement plan, coupled with the property’s many attractive features, are part of 29SC’s signature luxurious standard of living.
29SC’s in-house property management company, Haven Residential, is overseeing management and leasing.
“Bay Crossing is an exciting acquisition for the investment team at 29th Street Capital,” said Christopher Steiner, Vice President of Acquisitions for the Florida Region. “It is rare to find an opportunity in a competitive market that firmly checks all the boxes. This property’s irreplaceable location provides an affordable alternative for residents who desire an urban environment in one of Tampa Bay’s most desirable submarkets. We are thrilled to add this incredible community to our Florida portfolio.”
Bay Crossing is located at 4711 S. Himes Avenue in Tampa. The transaction closed on Thursday, June 30, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 31 multifamily assets across the United States that contain over 7,900 units. The firm continues to actively pursue new opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units. Learn more about 29SC at www.29thstreetcapital.com.
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