Bryn Mawr Apartments Joins Condo-Conversion Wave

This is BF's fourth multifamily rental acquisition on Florida's west coast this year. The company recently purchased the Grand at Gateway for $30.7 million, as reported by GlobeSt.com on Friday.

Jamie May, chairman and CEO; Eric Ammon and Carlos Berner, senior directors of JBM Realty Advisors, which has offices here and in Tampa and Miami, were exclusive investment advisors/brokers in the transaction. They tell GlobeSt.com that this property, like BF's other recent purchases on this coast, is for condo conversion. According to JBM, the Naples MSA is the second fastest-growing metropolitan area in the US and has the highest per capita household income level in Florida.

The 240-unit Bryn Mawr community consists of 40 two-story residential buildings and a central clubhouse on 14.5 acres at 7701 Davis Blvd., a mile from Interstate 75. It shares an entrance with the Enclave, a class A multifamily property that also went condo.

Bryn Mawr was completed in 1990 and acquired by Sizeler in 1993. The sale price of the current transaction represented a cap rate of approximately 4.5% for a gain of $15.6 million. With the proceeds, Sizeler repaid approximately $9.2 million of long-term mortgage debt to deliver Bryn Mawr to BF free and clear of debt.

Average unit size is 1,112 sf, and units include private patios or balconies, private entrances, washer/dryers and other amenities. Published rental rates begin at $690 a month for a one-bedroom unit. The property is on a lake and includes a pool, Jacuzzi, fitness center, library/game room, playground and picnic area and 602 surface parking spaces for an overall ratio of 2.51 spaces per residential unit.