A Chicago-based real estate investment firm purchased a South Tampa apartment complex called Bay Crossing for $95.1 million.
29th Street Capital bought the 321-unit complex, located at 4711 S Himes Ave., from the Austin-based real estate company, Rex, on July 22. The sale was brokered by Berkadia. The sale was recorded for $53.9 million, according to Hillsborough County property records. But officials with Rex said the $95.1 million total included paying off the previous owner’s mortgage on the property, in addition to other costs.
“It is rare to find an opportunity in a competitive market that firmly checks all the boxes,” said Christopher Steiner, 29th Street Capital’s vice president of acquisitions for the Florida region. “This property’s irreplaceable location provides an affordable alternative to residents who desire an urban environment in one of Tampa’s most desirable submarkets. We are thrilled to add this incredible community to our Florida portfolio.”
The company owns several other properties in the Tampa Bay region including Calais Park Apartments in St. Petersburg, Enclave at Northwood in Clearwater and Henley Tampa Palms near the University of South Florida.
The founder and CEO of Rex, Peter Rex, said the sale shows how much the Tampa market has grown in recent years. He first purchased the property in 2015 for $31.7 million.
“I made a longterm investment in this place because I thought there was a high quality of life here,” he said.
This is the company’s 84th sale in Florida.
Bay Crossing features one- and two-bedroom apartments. There is also a pool with a sundeck and a fitness center. According to the property’s website, rent ranges between $1,500 and $1,700 for a one-bedroom and $1,895 and $2,075 for a two-bedroom.
Clarification: This story has been updated to show the value of the property assessed by Hillsborough County.