Bainbridge Multifamily Acquisition Fund I, LP (the “Fund”, “Bainbridge Fund”), an affiliate of The Bainbridge Companies (“Bainbridge”) closed the acquisition of its first investment by the Fund, Charleston Wesley Chapel Apartments in Wesley Chapel, Florida.
Bainbridge’s Acquisition Fund, targeting between $250 to $300 million in commitments, recently held a first closing of approximately $150 million for new property purchases in the company’s targeted Sun Belt and Mid-Atlantic markets.
The 228-unit community, built in 2022, is known for its luxurious details and modern amenities and offers residents a premium living experience. It boasts upscale features including a beach entry pool, an indoor fitness center with a yoga area, a clubhouse with a media room and cyber café, a pickleball court, and dedicated dog runs and washes, as well as in-unit features such as quartz countertops, stainless steel appliances, and spacious walk-in closets. The property also offers both detached and attached garages, dedicated storage, electric vehicle charging and other modern amenities.
“We are tremendously excited about our first Bainbridge Fund investment, which was sourced on an entirely off-market basis and closed just over two months from our first Fund closing,” said Bainbridge President of Capital Markets Jake Wright, who, along with Bainbridge Chief Investment Officer Mark Stewart, is responsible for sourcing, underwriting and financing Fund investments. “We see a generational opportunity to acquire prime multifamily assets well below replacement costs through this Fund.”
“This acquisition strongly embodies all of the characteristics we are seeking in Fund investments, including well-located and well-executed stabilized multifamily properties in fast-growing Southeast and Mid-Atlantic regions, sourced on an off-market basis at a substantial discount to current replacement costs using Bainbridge’s vertical integration,” said Stewart. “Wesley Chapel is one of the fastest-growing markets in Florida, with strong potential for continued growth and absorption.”
Bainbridge closed the acquisition on March 11. Financial details of the transaction were not disclosed.
Bainbridge intends to utilize its full vertical integration, including its property and asset management, to manage and position the asset as a top apartment community in the Wesley Chapel market.
“We are dedicated to exceeding expectations and elevating the resident experience,” said Bainbridge Chief Strategy Officer Marcie Williams. “We will apply our operational excellence to ensure this community remains a best-in-class destination for those seeking a vibrant and fulfilling living environment.”
“We see tremendous potential in the Tampa MSA and are aggressively pursuing acquisitions to expand our footprint,” said Bainbridge Chairman, CEO and Managing Principal Richard Schechter. “This acquisition aligns perfectly with our bullish outlook on the region’s future.”
Since its inception, Bainbridge has developed and acquired more than 43,000 apartment homes representing more than $8 billion in transactions.
