TAMPA, Fla., Sept. 12, 2013 (GLOBE NEWSWIRE) -- Capital Square Realty Advisors LLC announced today that an affiliate of the company has acquired Bridgeview Apartments, a 348-unit, Class A garden-style multifamily community in Tampa, Florida.
Bridgeview consists of 17 wood-framed and stucco residential buildings ranging between two and three stories and features a clubhouse with a new business center, resort-style pool, playground, fitness center and tennis and racquetball courts. The property is nestled within a serene two-acre park-like setting with three onsite lakes, strategically located in a prime infill location within Tampa's thriving metropolitan statistical area.
"Bridgeview Apartments is a stable multifamily community in a desirable neighborhood in Tampa," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. "Residents enjoy a premium amenity package and the community is ideally located for business professionals, with easy access to nearby Tampa International Airport and Greater Tampa via the Veterans Expressway."
Yogi Singh, vice president of acquisitions and business development for Capital Square, said, "This acquisition demonstrates Capital Square's ability to source and acquire institutional-quality assets on behalf of a national investor base. Capital Square's acquisitions team and external mortgage banking team led by Adam Levinson, managing director at BGC Capital Partners, worked tirelessly to complete the transaction in a professional and efficient manner."
Tampa is the third most populous city in the state of Florida and the seat of Hillsborough County. Service, retail, finance, insurance, shipping, national defense, professional sports, tourism, and real estate all play a vital role in the area's economy. Hillsborough County alone has an estimated 740,000 employees, a figure which is projected to increase to 922,000 by 2015. Several Fortune 1000 companies are headquartered in the metropolitan area, including OSI Restaurant Partners, WellCare Health Plans, Inc., TECO Energy, and Raymond James Financial.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 tax-deferred exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including tenant-in-common, DST and multiple publicly registered non-traded real estate investment trusts. Rogers is also the founder and CEO of Rogers Realty Advisors LLC, which provides investment banking services with an emphasis on sourcing preferred equity, mezzanine financing and other debt for real estate investments. The DST interests are sold by independent broker-dealers across the country. Property and asset management services are provided by affiliate Capital Square Management, LLC.