Tidegate Capital announces sale of Mainsail Apartments, a multifamily community in the Tampa, FL MSA
Boston, MA. June 30, 2018: 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.
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.
TidegateCapital.com
