Ron Meyerson and Jared Frydman
Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Cedano Realty Advisors, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, has successfully negotiated the purchase of Bainbridge Ybor City, a four-story apartment complex located at 1512 E 12th Avenue in Tampa, Florida.
The deal closed December 23.
New York-based GMF Capital LLC acquired the 240-unit apartment home community from BAINBRIDGE YBOR CITY APARTMENTS LLC in an off-market deal valued at $58 million, or $241,667 per unit. The acquisition represents the sixth apartment community in Florida that GMF has acquired since launching its Miami office at the end of 2019.
“My main focus for the past few years has been sourcing off-market opportunities and matching them with the right buyer. This deal is no different,” commented Meyerson.
“The property fits well with our long-term objective of building a portfolio comprising high quality assets in growth markets with attractive economic and demographic fundamentals,” added Jared Frydman, Managing Director, and Head of GMF’s Miami office.
Bainbridge Ybor City, built in 2017, is comprised of one- and two-bedroom luxury units and is located just northeast of downtown Tampa. The land on which the property is built was once home to legendary cigar manufacturer and city founder, Vicente Martinez-Ybor.
The community boasts a beautiful center courtyard and pool, lush greenways with seating and fountains, and comfortable social gathering places that allows residents to relax and meet new friends. Interiors feature a blend of energetic décor and plush state-of-the-art amenities, including large kitchens with high-end finishes, quartz counters, pendant lighting, double vanity options, and many other complementary designer touches.
About Cedano Realty Advisors: Cedano Realty Advisors focuses on the representation of real estate owners, investors, and developers. The firm is located at 605 W Flagler Street in Miami. For more information, please call 305.326.8855.
About GMF Capital LLC: GMF is a national investment management platform engaged in private equity and alternative investments across a range of asset classes, especially real estate and healthcare. For more information, please call 212.300.1270.
