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Tampa Bay Area
Business Observer Friday, Jul. 23, 2010 9 years ago

Houston firm buys Water's Edge condos

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A Houston-based real estate investment company purchased 143 condos in the 153-unit Water's Edge high-rise tower for $31 million.

BUYER: Water's Edge Real Estate Acquisition LP, Houston


SELLER: Water's Edge Clearwater LLC and Redus Clearwater Bluff LLC


PROPERTY: 331 Cleveland St., various units, Clearwater


PRICE: $31 million


PREVIOUS PRICE: $20 million, October 2009 (bank took it back)


LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, Tampa


PLANS, DESCRIPTION: A Houston-based real estate investment company purchased 143 condos in the 153-unit Water's Edge high-rise tower for $31 million.


The price equated to $216,783 per unit.


The buyer, Water's Edge Real Estate Acquisition LP, is an affiliate of Houston-based Concierge Asset Management. Grant Wood, president of Stingray Asset Management LLC in Clearwater, has been hired as asset manager and will oversee its sales and marketing.


At 26-stories, the building is the tallest in downtown Clearwater. It features 124 homes with waterviews and 19 poolside residences with private deck patios. Units average 1,981 square feet. Amenities include a pool, spa, fitness center and a clubhouse with a private dining room and a catering kitchen. The building also houses a five-story parking garage and air-conditioned storage units.


“We are cleaning up the pool deck, improving the landscaping and putting more equipment in the business center,” Wood says. “We are doing things to make it a better environment for residents. It cost $100 million to build and it's virtually brand new.”

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