Bainbridge and TPG team up for $161M purchase of a Jupiter apartment complex
JV paid $530K per unit for Allure at Abacoa rental community
Bainbridge Companies and TPG Real Estate Partners teamed up to buy a Jupiter apartment complex for $161.1 million.
Through an affiliate, the joint venture acquired Allure at Abacoa, a 304-unit rental community at 1456 Cades Bay Avenue and 4515 Main Street, according to records. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid $529,934 per apartment.
The joint venture obtained an $83.3 million mortgage from JPMorgan Chase Bank.
The seller, an affiliate of Columbus, Ohio-based Klingbeil Capital Management, paid $65 million for the 13-building complex in 2015, the same year Allure at Abacoa was completed, records show.
The 10.5-acre rental community features one- and two-bedroom units with monthly rents of $2,205 to $3,400 a month, according to Apartments.com. The complex is in Abacoa, a master-planned community spanning 2,055 acres with homes, shops, restaurants, parks and a minor-league baseball stadium. A Florida Atlantic University campus and the University of Florida Scripps Biomedical Research facility are also in Abacoa.
Bainbridge, led by Chairman and CEO Richard Schechter, owns 60 multifamily projects in Florida, Georgia, North Carolina, Maryland and Texas, according to the company’s website.
TPG Real Estate, led by Co-Head Avi Banyasz, is the real estate investment platform of global alternative asset firm TPG, which has $109 billion in assets, according to a press release.
The price per square foot for the Jupiter complex is well above the average $413,253 per square foot price for Class A Palm Beach County multifamily property sales during the first quarter, according to a Franklin Street report.
Other recent South Florida multifamily deals include Nuveen Real Estate’s $43.7 million acquisition of a Sunrise apartment complex, and KVR Properties’ $26.3 million purchase of a Pompano Beach rental community.
In April, Rental Asset Management paid $30.1 million for an apartment building in Miami’s Little Havana neighborhood.