Blaze Capital Partners, a Charleston, South Carolina-based rental housing investment management firm, has acquired Lector 85, a 254-unit apartment community located in the Tampa suburb of Ybor City, Florida.
Lector 85 is a Class A mid-rise apartment community built in 2021 and featuring studio, one-, two- and three-bedroom apartments ranging from 518 to 1,255 square feet. The property’s amenities include a heated saltwater pool and grilling stations, a 24-hour fitness center, a pet spa for grooming, and various resident lounge areas.
Blaze plans to invest additional capital into the community and expand the ground-floor retail offerings. The financial terms of the acquisition were not disclosed.
“It’s an incredibly challenging transaction market, but we are continuing to stay active finding compelling, long-term investment opportunities across the rental housing spectrum amidst this period of pricing dislocation,” said Eddy O’Brien, co-founder and managing partner of Blaze. “We believe we are entering an exciting acquisition cycle that presents an opportunity to acquire institutional-grade assets in great markets at attractive entry points. The acquisition of Lector 85 exemplifies our data-driven approach in identifying and capitalizing on market dislocations and unlocking value through customized asset enhancement strategies.”
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