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Midship Apartments is a 61-unit multifamily community located in a submarket of St. Petersburg, FL. The property was built in 1969 and includes one, two and three bedroom floor plans with an average of just under 1,000 rentable square feet per unit. The property represents a significant upside opportunity in an area just a few miles from downtown St. Petersburg, which is experiencing tremendous revitalization.
Midship Apartments encompasses 2.64 +/- acres with the potential for enhancements and improved Class B amenities. The property includes two-story residential buildings with a total of 61 available rental units. There is a great mix of units for the area, with 21 1BR/1BA; 16 2BR/1.5BA; 16 2BR/2BA; 8 3BR/2BA.
This is a prototypical property for Tidegate Capital that may provide significant return potential due the value reasons listed above. Midship Apartments, LLC will invest more than 10% of the acquisition price on Capital Improvements to bring the property up to current market standards.
Available to Accredited Investors:
Easy access to the world famous beaches of Clearwater and St. Pete Beach, as well as the Tampa International Airport make the area attractive to visitors and residents alike. Midship Apartments represents one of the few properties in the peninsula area where there is moderately priced housing.
Within a 1 mile radius of Midship Apartments are the following amenities: Town Hall, Blanton Elementary School, and Boca Ciega Bay Retail and Restaurants: CVS, Winn Dixie, Walgreens, Planet Fitness, Farmers Market
Steady population growth and an expanding labor force has made Tampa—St. Pete one of the most attractive areas for businesses to relocate. Economically, Tampa is one of the fastest growing cities statewide.
The city of St. Petersburg continues to invest in its historic downtown district and beyond to continue to attract new business. Tampa Bay Lightning Owner/Investor Jeff Vinik is developing the Tampa waterfront with over $2B in committed capital.
St. Petersburg is one of the largest employment centers in the Tampa Bay area. Some of its major employers include Raymond James Financial Inc., Bayfront Medical Center, Compulink, Duke Energy Inc., and Franklin Templeton Investments.
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The sponsor plans to call for funds at the beginning of August with a funding deadline of August 18th, 2017.
The first projected distribution is scheduled for December 2017.
Distributions are scheduled to go out on a quarterly basis.
No, this offering is only available to US residents.
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Send Tidegate Capital and/or RealCrowd a message. If you have a question about this offering ask Tidegate Capital. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.
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RealCrowd is excited to announce a new classification system for sponsors that utilize our platform. Historically we have included all qualified sponsors in one class based on meeting our minimum thresholds of experience, both in time as a principal in the real estate business as well as portfolio and transaction value.
The new classification system of sponsor qualifications aims to further increase the amount of opportunities investors will have access to and provide more information as to the qualifications of the sponsorship.
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