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Tampa Midrise Rental Community Trades for $61M
Blaze Capital Partners recently paid $61 million for a five-story, midrise apartment complex in Ybor City. The sales price comes out to just over $240,000 a unit. The apartments are at 2409 E 2nd Ave.
The 254-unit Lector 85 opened in 2021. The seller was Milhaus, the project’s original developer. The Tampa Bay Business Journal reports that the property cost $53 million to develop. Fifth Third Bank provided a $38 million mortgage for the acquisition.
When it comes to capital markets, Blaze Capital Partners says structures can include asset-level joint ventures, programmatic separate accounts, club ventures and funds catered to institutional, family office and high-net-worth investors.
On its website, Milhaus says it develops, constructs, manages and invests.
- ◦Sale/Acquisition
