Nine15 Apartments deal ranks among largest in Tampa Bay

Blaze Partners bought luxury apartments for $120 million just as coronavirus became pandemic


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  • | 6:00 a.m. May 1, 2020
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COURTESY RENDERING -- Blaze Partners LLC of Charleston, S.C. acquired the 23-story Nine15 Apartments in downtown Tampa in late February for $120 million.
COURTESY RENDERING -- Blaze Partners LLC of Charleston, S.C. acquired the 23-story Nine15 Apartments in downtown Tampa in late February for $120 million.
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            Blaze Partners LLC's $120 million deal for the 23-story Nine15 Apartments in downtown Tampa in late February ranks among the largest multifamily rental transactions ever in the Tampa Bay area. 

             The 362-unit tower, at 915 N. Franklin St., was sold by developer Carter of Atlanta and an equity partner for $331,491 per door, which also ranks among the largest apartment sales per unit.

             "It was a solid purchase in the path of growth in that part of Tampa, and the property contains some great amenities," says Jubeen Vaghefi, a vice chairman in commercial real estate brokerage firm Cushman & Wakefield's capital markets group who specializes in multifamily properties.

             Vaghefi notes that in the Tampa Bay area over the past decade, only three apartment properties have traded for more money on a gross or per-door basis than Nine15: Icon Harbour Island and 500 Harbour Island in downtown Tampa and the Camden Pier District, formerly the Aer apartments, in downtown St. Petersburg.

             The acquisition was Charleston, S.C.-based Blaze's first in the Tampa area.

             For Vaghefi, his recent move to Cushman & Wakefield from Walker & Dunlop also marks a return: He was with the brokerage operation from 1998 to 2001, before leaving for JLL and Walker & Dunlop.

             "Cushman & Wakefield is globally recognized, and it's a leader," he says of his team's shift. "It needs no introduction worldwide, and in the state, it has an exceedingly well-managed platform, on both the sales, debt and equity side."

      

 

 

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