Tampa Bay sale marks largest multifamily transaction in market
The Related Group has sold a 340-unit, 21-story high-rise apartment community, ICON Harbour Island, for $131.5 million, $387,000 per unit, which is the largest multifamily transaction in Tampa Bay’s history. The buyer was Olympus Property.
The community is in Harbour Island, one of the most affluent zip codes in the state, voted the No. 1 place to live in Florida and one of the best places to live in America according to Niche.com. The area also has A+ ratings for amenities, crime, education and employment, according to AreaVibes.com.
Newmark Knight Frank Multifamily assisted The Related Group in the disposition to Olympus Property. Founded in 1992, Olympus Property owns and manages some the most desirable multifamily opportunities across the United States.
According to Patrick Dufour, vice chairman of Newmark Knight Frank Multifamily, “The Related Group’s brand is associated with iconic, ultra-luxury developments and Harbour Island is an affluent, walkable urban location in the emerging downtown Tampa market. The quality and location of the property make it one of the premier assets in the southeastern United States.” Dufour added, “Tampa is the number three multifamily market for rent growth and the sixth fastest growing population among the top 20 MSA’s in the U.S. ICON Harbour Island offered a generational investment opportunity to acquire a best-in-class multifamily asset in Tampa’s most prestigious neighborhood.”
Recently constructed in 2017, ICON Harbour Island is adjacent to Water Street, a $3 billion redevelopment of downtown Tampa. It is surrounded by a growing set of employment drivers, transportation nodes, retail and entertainment venues, including Amalie Arena, the Tampa Convention Center, Sparkman’s Wharf, the new USF Medical School, the Florida Aquarium and more.
ICON Harbour Island was 93 percent occupied at the time of sale and is certified as a Florida Green high-rise residential building by the Florida Green Building Coalition. The Parisian-style tower features studio, one-, two-, and three-bedroom apartments with a luxurious amenity package, including an elegant reception lobby, open fitness center, private dining room, clubroom with exclusive boutique hotel lobby experience, expansive pool setting with a large covered outdoor kitchen and dining, and more.
