Bainbridge and TPG pay $161 million for Jupiter apartment complex

Richard Schechter of Bainbridge and Avi Banyasz of TPG with Allure in Abacoa (Bainbridge, TPG, Allure in Abacoa)

Bainbridge Companies and TPG Real Estate Partners have teamed up to buy an apartment complex in Jupiter for $161.1 million.

Through an affiliate, the joint venture acquired Allure in Abacoa, a 304-unit rental community located at 1456 Cades Bay Avenue and 4515 Main Street, records show. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid $529,934 per apartment.

The joint venture secured an $83.3 million mortgage from JPMorgan Chase Bank.

The seller, a subsidiary 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 includes one- and two-bedroom units with monthly rents of $2,205 to $3,400 per month, according to Apartments.com. The resort is in Abacoa, a planned community spanning 2,055 acres with homes, shops, restaurants, parks, and a minor league ballpark. A Florida Atlantic University campus and the University of Florida’s Scripps Biomedical Research Center are also located in Abacoa.

Bainbridge, led by Chairman and CEO Richard Schechter, has 60 multi-family 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 assets 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 price of $413,253 per square foot for sales of Class A multifamily properties in Palm Beach County during the first quarter, according to a Franklin Street report.

Other recent South Florida multi-family transactions include Nuveen Real Estate’s acquisition of a Sunrise apartment complex for $43.7 million 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.

Comments are closed.