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October 24, 2023BUFFALO, NY (October 4, 2023) –
Sinatra & Co. has acquired a fourth multifamily asset in Tampa, FL. This addition to the firm’s current holdings further expands the brand in the southeast region.
Sinatra & Co. has invested further into the Florida region with the acquisition of Captiva Club Apartments, located in the Tampa submarket. The 361-unit apartment home community is located within 10 minutes of other Sinatra & Co. assets Fernwood Grove Apartments, The Flats at Seminole Heights, and The Residences at Soho.
“This acquisition is a continuation of our company’s growth strategy in Florida. Captiva’s superb location and upside potential are exactly what we look for in this market, and despite the trepidations in the national economic outlook, we remain bullish on central Florida apartments.” said Nick Sinatra, Founder and CEO of Sinatra and Company.
Captiva Club Apartments offers a commuter-friendly location and sought after fitness and recreation facilities. The property will undergo a multi-million-dollar capital improvement plan through Sinatra Development Company to best attract new renters in the area.
Sinatra & Co. selected The Nanula Family Office and Stolar Capital as some of its equity partners and City National Bank of Florida as the debt provider. The acquisition was brokered by Institutional Property Advisors Sean Williams and Shelton Granade. Stolar and Sinatra & Co. have partnered on multiple multifamily properties in the Tampa area in recent years. “Beyond the ability to invest in a well-located asset in a great market like Tampa, the most exciting part of this investment was the opportunity to partner on another deal with a tremendous operator in Sinatra & Co.” said Joe Carroll, a principal at Stolar Capital.
The accounting and administrative operations for Captiva Club Apartments have been transitioned to Sinatra & Company’s Buffalo-based property management affiliate, while day-to-day leasing activity and property management will remain on site. Regional operations will be fulfilled from the Sinatra & Co. Tampa headquarters.
ABOUT SINATRA & COMPANY:
Sinatra & Company Real Estate is a vertically integrated real estate firm focused on multifamily acquisition, property management, and development. Sinatra & Co. is the owner-operator of apartment home communities across Upstate and Western New York, Illinois, and Florida regions. Sinatra & Co. and its affiliates manage more than $650 million in real estate assets compromised of over 4,800 multifamily units and almost one million square feet of commercial space. Of these assets, $75 million are ground up development of urban infill sites and opportunity zone projects. With a pipeline of over $200 million in upcoming projects, Sinatra & Co. strives to operate in excellence through growth and positive impact for our projects, people, and communities.
ABOUT STOLAR CAPITAL:
Stolar Capital is a real estate investment firm that specializes in multifamily properties. Stolar leverages its extensive experience owning and operating its own portfolio of assets to generate appropriate risk-adjusted returns for investors by strategically investing in various positions across the capital stack. Stolar is an active preferred equity provider for multifamily assets in the middle-market space, working with best-in-class operators in growth markets across the country.
