Sinatra & Co. acquires two Tampa multifamily assets

Buffalo, NY Sinatra & Co. has acquired two multifamily assets in Tampa, Fla.

The two properties, Fernwood Grove and The Flats at Seminole Heights, were sold by FCP. Fernwood Grove is a 128-unit apartment community. The Flats at Seminole Heights is a 165-unit community in the Seminole Heights neighborhood.

Sinatra & Co. partnered with the Nanula Family Office and Stolar Capital on the equity and the debt provider is Ready Capital. The transaction was brokered by Berkadia, representing the seller.

“These two acquisitions are significant for us because they mark our first entry into the highly desirable southeastern U.S. multifamily market. The growing, highly-educated population base coupled with a business-friendly environment in Florida make this a highly sought after region in which we intend to aggressively pursue other opportunities” said founder and CEO of Sinatra, Nick Sinatra, of the acquisition.

The commuter-friendly, market-rate apartment communities are two-story, garden-style assets, which offer residents desirable amenities, such as fitness and recreation facilities, swimming pools and dog parks.

The accounting and administrative operations of each of the communities have been transitioned to Sinatra & Company Real Estate’s Buffalo-based property management affiliate, Sinatra & Company Management. Day-to-day leasing activities and property management will remain on site.