Bridge buys pair of area apartments

Bridge Investment Group has acquired a pair of Gulf Coast multifamily rental projects for $101.25 million, according to county property records.

The acquisitions of the 390-unit Veranda at Westchase, in Tampa, and the 208-unit Viera Bayside, in St. Petersburg, bring to three the number of apartment complexes the Sandy, Utah-based investment firm now controls regionally.

Bridge also owns the Carrollwood Station apartments, in Tampa.

The company’s Florida holdings also include office buildings in Miami, Fort Lauderdale, Sunrise and Orlando along with residences in Orlando, Kissimmee, Plant City and Naples, according to its website.

In all, Bridge controls more than $20 billion in assets under management, according to its website.

Bridge acquired both Tampa Bay communities from affiliates of Forum Investment Group, of Colorado, which paid $73 million for the properties beginning in March 2015, records indicate.

Bridge officials did not respond to requests for comment.

The June acquisitions represent one of the largest multifamily portfolio deals in the Tampa Bay area since the start of the COVID-19 pandemic. Investors have sometimes been cautious about buying apartment complexes because rent collections often drop during economic downturns.

“Bridge Investment Group executed and performed flawlessly despite a global pandemic and lingering economic uncertainties during the closing period,” says Francesco Carriera, an executive vice president at commercial real estate brokerage firm CBRE Group Inc., who together with Executive Vice President Michael Regan represented buyer and seller.

Veranda at Westchase, at 12401 W. Hillsborough Ave., was completed in 1999. Bridge allocated $70.45 million for the three-story apartment complex, which offers loft apartments and three-bedroom townhomes. Rents range from $1,030 per month to $1,893 per month, according to Apartments.com.

Viera Bayside, at 500 110th Ave. North, in the Gateway Business District of St. Petersburg, opened in 1986 and was renovated in 2012. The community contains a “refreshed” clubhouse, fitness center and business center.

Bridge allocated $30.8 million to the two-story Viera Bayside, where rents range from $1,015 monthly to $1,571 monthly, Apartments.com notes.

CBRE says “future renovations” at Viera Bayside could include modernization of the community’s swimming pool area and new landscaping. Improvements to the unit interiors also may include installation of updated lighting and plumbing fixtures and granite countertops.

“The size and strength of these properties proves 1980s and 1990s value-add assets are highly sought-after multifamily assets in Pinellas and Hillsborough County,” Regan says, in a statement.