Recent Transactions
Acquired October 2019. Flamingo Park Apartments & Commercial Space located in West Palm Beach, FL
This Property represents an exceptional opportunity to invest in a combination apartment community and commercial space building. Located in one of Florida’s premier cities, West Palm Beach, and less than 1/4 mile from Flagler Drive and the IntraCoastal Waterway this property is surrounded by numerous restaurant, retail and commercial options and higher-end residences.
This property will benefit from a substantial Value-Add program and much of the investor return may be realized when the property has been stabilized.
Update: Acquired June 2019. Indian River Multifamily and Medical Office Building located in Vero Beach, FL
This Property is a class A combination Medical Office Building and apartment community with tremendous upside due to its location and prior ownership structure. Located in one of Florida’s premier cities, Vero Beach, and less than 1/4 mile from Indian River Medical Medical Center (IRMC), this property is surrounded by numerous medical facilities that support the expanding regional hospital.
October 2018: Tidegate Capital Acquires New Castle Apartments: a stable, 48 unit fully occupied multifamily community in the Ft. Lauderdale, FL MSA
New Castle Apartments is a 48-unit rental community located in Lauderdale Lakes, Florida. The Property consists of 3 contiguous buildings built in 1972 and 1974 and represents the unique opportunity to invest in an apartment community in Broward County at close to a 7.00% cap rate on current income & expenses.
•13 one‐ bedroom/one‐bathroom apartments
•35 two‐bedroom/one‐bathroom
The Property underwent a significant renovation in 2016 and 2017 with over $600,000 in capital improvements completed. This will allow Tidegate Capital to focus on reducing operating costs and increasing rental income. Most of the units have received upgraded kitchens and baths.
During the first 12 months, Tidegate will employ professional management with a focus on enhanced efficiencies and an improved tenant base. A small courtyard area will be created for the residents to enjoy, and the few remaining units that need updating will be enhanced. Installation of a gate at each of the two entrances will add an A Class amenity to the property at minimal cost. The holding period will be approximately 5 years, at which time disposition is expected.
Proximity to a growing retail infrastructure, limited ability for new development and competition and other economic drivers in the immediate vicinity made the location attractive for its acquisition.
Tidegate Capital continues to look for value-add properties where we can provide solid-risk adjusted returns for our investors. For information on our latest offering near Fort Lauderdale please contact us via Email at info@tidegatecapital.com.
The Tidegate Capital executive team has significant experience in the multifamily sector and seeks to expand its portfolio of Class B/C workforce housing in the southeastern U.S. Tidegate Capital is also looking to expand its relationships with Family Office and High Net Worth sources as it grows its portfolio of properties.
Tidegate Capital announces sale of Mainsail Apartments, a multifamily community in the Tampa, FL MSA with a 48% net total return to the investors
Tidegate Capital announced that it has sold the Class B, fully occupied 16-unit Mainsail Apartments in Apollo Beach in the Tampa, Florida MSA— after a 2.5-year hold with a 48% net total return to investors.
Building off the property’s unique characteristics, such as canal frontage with dock space for six boats, an attractive pool area, a true garden-style design, and location in a growing community—yet near a major hub, Tidegate updated almost every unit to generate higher rents. “Significantly increasing the property's NOI via improved operations, professional management, re-bidding of contracts, and green technology implementation is the foundation of Tidegate’s methodology. We are very excited to see this project through to a successful completion for our investors,” said Colin O’Keeffe, Principal of Tidegate Capital.
Proximity to a growing retail infrastructure and other economic drivers made the Mainsail location attractive for both its acquisition and sale—as well as Tidegate’s improvements to landscaping, signage, and curb appeal. Increased property valuation will remain a cornerstone of Tidegate’s implementation strategy.
February 2018: Jupiter Palms Apartments,
Jupiter, FL
Jupiter Palms is a value‐add portfolio located in the Class A submarket of Jupiter, Florida, in Palm Beach County. The lack of workforce housing in the Jupiter/Palm Beach area makes this an extremely attractive value-add opportunity. This thirty-unit property sits on 1.64 acres and includes:
- 2 one‐ bedroom/one‐bathroom apartments
- 28 two‐bedroom/one‐bathroom
Rental Market
The property offers tremendous upside as monthly rents were averaging $150-250 below the market upon acquisition for nearby renovated units of similar quality and finish. The property is currently fully occupied. As leases turn over, Tidegate will implement strategic renovations and enhance the curb appeal with corresponding increases in rent.
November 2017: Vinoy Park Apartments at
Beach Drive, St. Petersburg,FL
Vinoy Park Apartments at Beach Drive is a value-add portfolio located in the Class A submarket of Historic Old Northeast St. Petersburg, just one block west of the Bay and just a few blocks north of downtown. This property represents one of the best locations to be found in all of St. Petersburg.
This 33-unit property sits on 0.64 acres, and we believe this unbeatable location has the potential for significant redevelopment. The property currently consists of:
•16 studios
•16 one- bedroom/one-bathroom apartments
•1 two-bedroom/one-bathroom
The units are laid out efficiently for urban lifestyles and are housed in three garden-style properties, built primarily of block. The property has tremendous upside potential through strategic renovations and minor upgrades with corresponding increases in rent.
September 2017: Midship Apartments
Kenneth City/St. Petersburg, FL
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. 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.
Midship Apartments monthly rents are averaging $150-250 below the market for nearby renovated units of similar quality and finish. The property is currently fully occupied, but as leases turn over, Tidegate will implement renovations and market pricing with scheduled rent adjustments annually thereafter.
Monterey Apartments at Snell Isle, FL
Monterey at Snell Isle is a boutique apartment building located on exclusive Snell Isle, a premier golf-course neighborhood situated immediately north of vibrant downtown St. Petersburg—an historic city with booming arts, tourism, restaurants, sailing, fishing, and beaches. The property was built in the 1950s and is one of a few multifamily properties remaining on Snell Isle.
The immediate area is exclusively residential with the exception of The Vinoy® Golf Club—a private, Donald Ross-designed 18-hole golf course that is owned by the nearby The Vinoy® Renaissance Resort and Golf Club. Snell Isle is dominated by large, high-end, Florida-style, single-family homes selling in the $1MM - $4.5MM range and is surrounded by numerous small bays, coves, docks, and piers. Streets paved with bricks and lined with palm trees add to the Florida charm.
Nearby, residents can take advantage of downtown St. Petersburg and the local boating, golf, and cultural options. Dynamic downtown Tampa and the world-renowned beaches of St. Petersburg and Clearwater are a short drive away.
Mainsail Apartments at Apollo Beach, FL
Mainsail Apartments is a fully occupied 16-unit property. Some of the unique characteristics that make the property stand out are its canal frontage with dock space, an attractive pool area, its true garden-style design, and the location in a quiet community—yet near a major hub. The property is well situated and is in close proximity to the Apollo Beach Nature Preserve, the local middle school, and numerous shopping and dining options. The booming city of Tampa is a short commute away, as are the world famous beaches of Clearwater and St. Pete.
Mainsail Apartments is undergoing moderate capital upgrades along with improvements to its curb appeal, which allow for increased rents and enhanced cash flow.