'Irreplaceable location'

An Iowa-based finance giant has paid a record amount for a Gulf Coast multifamily complex, continuing the flood of institutional capital that has flowed into area apartment projects since the end of last decade's economic recession.

Principal Financial Group's $85.5 million acquisition of the Solaris Key apartments, in Clearwater, ranks as the largest 2016 multifamily deal to date and, at $200,704, is among the largest sales of the year on a per unit basis, according to property appraiser information.

The 426-unit complex, which was developed by Atlanta-based Pollack Shores Real Estate Group, was completed in 2015. In addition to upscale amenities including an outsized swimming pool and clubhouse, the 2855 Gulf-to-Bay complex has a private slice of beach and is adjacent to Tampa Bay, with views of the water from most units.