Pearlmark Real Estate Partners announces the closing of a preferred equity investment in San Marin Apartments, a multifamily rental property located in Tampa, FL. Pearlmark arranged the investment on behalf of a diverse group of institutional and individual investors. The investment was made with Copperline Partners, a real estate development company based in West Palm Beach, Florida and Stamford, Connecticut. For the past 50 years, Copperline has focused on the major renovation and repositioning of real estate projects.
San Marin Apartments is a 193-unit, garden-style apartment property located approximately five miles northwest of downtown Tampa and three miles north of Tampa International Airport. The preferred equity investment will help to finance the redevelopment and expansion of the 1970s-vintage asset. The completed 199-unit project will include an additional 19,000 square feet of leasable space and will offer contemporary finishes and amenities similar to new, Class A construction. Plans include expanded units with granite countertops and a stainless steel appliance package, as well as the addition of a new clubhouse with a state-of-the-art fitness center.
Edward Ryder of Pearlmark Real Estate Partners was the lead executive on the transaction.
