Property

Midship Apartments St. Petersburg, FL

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$25K
Estimated Hold
5Y
Target Return (IRR)
19.5%
Target Annual Cash
11.3%
Target Equity Multiple
2.42x
This deal is oversubscribed
 

Offered By

Tidegate Capital Experienced Sponsor

Duxbury, MA

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Assets Under
Management

Currently
$50MM
Exited
$7.4MM
Portfolio LTV
58%
Historical
Realized Returns

Total IRR
23%
Equity Multiple
1.5x
Annual Cash
4%
Years Of
Experience

As Principals
10+ years
In Business
2 years
Size
3 Staff
* All information is reported by Tidegate Capital as of 7/20/2017.
 

About this Property

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.

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Key Points

  • Exceptional curb appeal potential - the property has not seen attention to the property and grounds.
  • Appropriate renovations to kitchens and baths will allow for significant rent bumps early in the ownership cycle.
  • Market rate amenity package including pool and onsite laundry facility.
  • Incorporating local, hands-on property management team provides opportunity to address deferred maintenance and improve resident life.
  • Essentially an off-market transaction due to the listing being placed with a small local broker.
 

Financials

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Location Details

St. Petersburg, FL

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.

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Documents

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Frequently Asked Questions

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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Have a Question?

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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In the meantime, please review the offering documents and financials.

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