Tampa real estate firms partner to acquire $1.5 billion in apartments
By Breanne Williams
Tampa Bay Business Journal
Published: Aug 24, 2022

Two Tampa real estate firms have partnered to create a multifamily-focused investment venture with plans to acquire more than $1.5 billion in apartments in the next two to three years.

Argyle Real Estate and Sembler Investments are seeking to acquire multifamily properties in the Southeast and Texas, according to a news release.

“The fundamentals for multifamily remain strong despite the recent macroeconomic and capital market trends,” Argyle founder and CEO Ryan Reyes said in a statement. “We believe this dichotomy between the underlying asset class and capital market conditions will present compelling investment opportunities in the months ahead.”

Reyes said that Argyle’s and Sembler’s “investment thesis and values pair perfectly together.” There is a focus on high-quality, institutional assets, and Reyes told the Tampa Bay Business Journal they will target low-density projects built no earlier than 2000 in markets experiencing “major population growth and corporate relocations” but still offering a notable quality of life for residents.

“We’ve put together an investment vehicle, and each property will have its corresponding debt,” Reyes said.

The partnership will focus on core plus real estate — well-located properties that may need minor improvements — and value-add properties, or those with large upside potential if improvements are completed.

“We are very excited about our partnership with Ryan and the Argyle team,” Mark Sembler of Sembler Investments said in a release. “Ryan’s proven track record demonstrates his capabilities and thoughtfulness in this space, and we look forward to accomplishing much together. In addition to the opportunities we are currently seeing in this market, we think a focus on this space benefits our other efforts at the same time.”

Reyes said they want to focus on the migration happening throughout the Southeast. He referenced the cost of living in Tampa’s core and prominent neighborhoods like Hyde Park and said they have seen an influx of interest in Tampa’s suburbs as people look for more affordable places to live.

Argyle Real Estate Partners was formed in 2022, and its team has collectively acquired more than $5.3 billion of multifamily properties. Sembler Investments is a multidisciplinary investment firm founded 30 years ago and specializes in industries like real estate, financial services, health care and hospitality.