Blaze Partners LLC's $120 million deal for the 23-story Nine15 Apartments in downtown Tampa in late February ranks among the largest multifamily rental transactions ever in the Tampa Bay area.
The 362-unit tower, at 915 N. Franklin St., was sold by developer Carter of Atlanta and an equity partner for $331,491 per door, which also ranks among the largest apartment sales per unit.
"It was a solid purchase in the path of growth in that part of Tampa, and the property contains some great amenities," says Jubeen Vaghefi, a vice chairman in commercial real estate brokerage firm Cushman & Wakefield's capital markets group who specializes in multifamily properties.
Vaghefi notes that in the Tampa Bay area over the past decade, only three apartment properties have traded for more money on a gross or per-door basis than Nine15: Icon Harbour Island and 500 Harbour Island in downtown Tampa and the Camden Pier District, formerly the Aer apartments, in downtown St. Petersburg.
The acquisition was Charleston, S.C.-based Blaze's first in the Tampa area.
For Vaghefi, his recent move to Cushman & Wakefield from Walker & Dunlop also marks a return: He was with the brokerage operation from 1998 to 2001, before leaving for JLL and Walker & Dunlop.
"Cushman & Wakefield is globally recognized, and it's a leader," he says of his team's shift. "It needs no introduction worldwide, and in the state, it has an exceedingly well-managed platform, on both the sales, debt and equity side."