BUYER: Bell CH Realty Channelside LLC (Bell Partners Inc.), Greensboro, N.C.
SELLER: Seaport Channelside LLC
PROPERTY: 1120 E. Twiggs St., Tampa
PRICE: $66.21 million
PREVIOUS PRICE: $5.57 million, November 2006
LAW FIRM ON DEED: Carlton Fields PA, St. Petersburg
PLANS, DESCRIPTION: Crow Holdings and a group of investors sponsored by Greensboro, N.C.-based Bell Partners purchased the 422-unit Seaport Channelside apartments for $66.21 million.
The price equated to $156,896 per unit.
The private real estate company has since renamed the 450,00-square-foot luxury apartment complex as Bell Channelside. Built in 2008, the property is a six-story building that wraps around a parking garage. The development features a spa, zero-entry pool, 24-hour fitness center, dog parks and 302 climate-controlled storage units.
“Bell Channelside has a great location and is uniquely positioned to benefit from the nearby employment centers, cultural attractions and transportation arteries,” Joe Cannon, vice president of investments for Bell Partners, wrote in a statement to the Business Review. “The property has had a strong occupancy history in the 95% range, and we expect this trend to continue in the future as the Tampa economy continues to recover and expand. During our ownership period, we will make various capital improvements to further enhance the property and deliver a high quality product for our residents.”
Bell Apartment Living, a division of Bell Partners, will continue to manage the property. Bell Partners now operates four properties in Tampa Bay, including Bay Cove in Clearwater, Laurel Oaks in Tampa and Mallards of Wedgewood in Lakeland. Bell is the 10th largest apartment operator in the United States, with a management portfolio of 60,000 homes.
Cushman & Wakefield of Florida Inc. represented the seller in the transaction.
The buying entity Bell CH Realty Channelside LLC mortgaged the property to CBRE Capital Markets Inc. for $49.98 million.