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Tampa Bay Area
Business Observer Friday, Jan. 13, 2017 5 years ago

Tampa apartment tower sells for $88 million

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In what is believed to be the Gulf Coast's largest urban multifamily sales of the past year, a New York firm has acquired the Skyhouse Channelside tower for $88 million.
by: Kevin McQuaid Commercial Real Estate Editor

In what is believed to be the Gulf Coast's largest urban multifamily sales of the past year, a New York firm has acquired the Skyhouse Channelside tower for $88 million.

AVR Realty Co.'s acquisition of the 23-story apartment building, completed in 2015 at 112 N. 12th St., in Tampa, represents one of the largest downtown purchases in the company's nearly 50-year history.

The tower was developed three years ago by Novare Group, which acquired the Skyhouse land in December 2013 for $4.7 million, according to Hillsborough County property records.

Amenities in the 320-unit tower include a rooftop infinity-edge saline swimming pool and poolside lounge, a 24-hour fitness center and 24-hour concierge.

“As a company, we're very interested in high-rise multifamily assets, and we like the Skyhouse product that Novare has developed,” says Don Hegermiller, AVR's director of multifamily properties.

“And what's going on in Tampa, the direction of the market, we like a lot. There's a critical mass there with Publix going into downtown, the Riverwalk, the terminal, and what's being planned for Channelside.”

And while the price tag was considerable, Hegermiller says AVR wasn't daunted.

“We consider the entry price for a high-rise asset of that quality was right,” he says. “It's a well-built asset.”

AVR also owns roughly two dozen other multifamily projects — mostly suburban, garden-style complexes — in Louisiana, Tennessee, North Carolina, South Carolina, Georgia and Florida.

In the Sunshine State, the company owns complexes in Pembroke Pines and Davie, according to its website.

Hegermiller says, too, that the Skyhouse purchase is part of a larger company strategy to reallocate its portfolio.

But don't look for AVR to flip its newest acquisition anytime soon.

“We're long-term holders,” he says. “We like the dynamics of the market and of that particular asset.”

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