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Business Observer Tuesday, Jan. 4, 2022 7 months ago

Miami developer sells luxury complex for $225 million

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The Related Group has sold Manor Riverwalk in Tampa to Denver investment firm
by: Louis Llovio Commercial Real Estate Editor

TAMPA — The Related Group has sold the 400-unit Manor Riverwalk luxury apartment building near downtown Tampa to a Denver real estate investment trust for $225 million.

The sale of the eight-story building to Ares Real Estate Income Trust was completed Dec. 28, according to a spokeswoman for the Miami-based developer.

Related broke ground on the development, just west of the Hillsborough River and across from downtown, in 2017. Before that, the property had been the longtime home of the Tampa Tribune, which stopped publishing in 2016 after being sold to the Tampa Bay Times.

According to the complex’s website, rents for available units at the luxury community start at $1,995 for a 570-square-foot studio and top out at $4,519 for a 1,491-square-foot three bedroom.  

Manor Riverwalk was an early foray into the Tampa Bay market for Related, which now views the city and surrounding area as “our second headquarters.”

The firm is currently building the 27-story ultra-luxury Ritz-Carlton Residences on Bayshore Boulevard and is the developer behind ICON Central — now Camden Central Apartments — in St. Petersburg and Town Westshore in Tampa. Related is also working on the 120-acre West River Tampa affordable housing development and won an RFP last year to work on the Rome Yard development, another affordable housing project.

In an email to the Business Observer Tuesday, Jon Paul Perez, the company’s president, says, “The sale of Manor Riverwalk — part of Related’s first push into Tampa Bay — is the culmination of our commitment to making this region not just attractive to investors but locals across the socioeconomic spectrum.”

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