Bainbridge and TPG pay $161 million for Jupiter apartment complex
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.