TAMPA, FL - Blaze Partners announced the acquisition of Nine15 Apartments, a 362-unit multifamily community located in the heart of Tampa, Florida. The asset was acquired on February 28, 2020 by a newly formed affiliate of Blaze.
Nine15 is a premier 23-story luxury high-rise community in downtown Tampa, one of the major epicenters for urban revitalization in the Southeastern US. Located on North Franklin Street and blocks away from the Tampa Riverwalk, the community offers residents unparalleled walkability to downtown's abundant cultural and entertainment venues, bars and restaurants, and major employers occupying more than 10 million square feet of Class A office.
The community consists of a variety of finely appointed studios, one-, and two-bedroom floorplans with expansive city views. In addition, residents have access to a comprehensive suite of best-in-class amenities including a state-of-the-art fitness center, rooftop pool, penthouse skylounge, and 9,000 square feet of ground-floor restaurants and retail. Blaze intends to invest incremental capital to refine the product and expand resident offerings to further differentiate the community's already unique standing amongst its peer set.
"We are thrilled with the acquisition of Nine15, a remarkable asset in the heart of one of the most transformational nodes in Tampa," said Chris Riley, Co-Founder and Managing Partner of Blaze. "This transaction marks a continuation of our acquisition strategy focused on acquiring recently-developed, Class A communities in dynamic submarkets within the premier growth markets throughout the Sunbelt. We are actively building our pipeline and continue to have a healthy capital appetite for the right opportunities."
The acquisition marks the Company's first investment in Tampa, a target investment market for Blaze as it seeks to augment its other Florida exposure. "We are excited about establishing our footprint in Tampa and looking forward to continuing to expand our presence here as we look for unique opportunities that present an attractive risk-return dynamic," added Eddy O'Brien, Co-Founder and Managing Partner of Blaze. "To have our first investment be a deal of this profile and magnitude exemplifies our long-term bullish outlook on the region and belief in the vitality of the downtown transformation."
Blaze has been actively growing its rental housing portfolio throughout the Carolinas, Georgia, Florida, and Texas. The Company has acquired or currently has under control approximately $800 million in multifamily communities on behalf of institutional equity partners with nearly $300 million in volume within the last six months. "We remain committed to prudently expanding our platform capabilities and continuing to attract best-in-class talent to help fuel our growth," said Eddy O'Brien.
Source: Blaze Partners