State public pension fund buys Pierhouse at Channelside

BUYER: Pierhouse Channelside Inc. (principals: Stephen Spook, Lamar Taylor and Maureen Hazen), Tallahassee
SELLER: RD Channelside LLC
PROPERTY: 1226 E. Cumberland Ave. also known as 114 and 120 S. Meridian Ave., 110, 125, 128 and 210 S. 11th St., 209 S. 12th St. and a portion of South 12th Street, Tampa
PRICE: $76.5 million
PREVIOUS PRICE: $6.5 million, December 2010
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Florida's public pension fund purchased the new 356-unit Pierhouse at Channelside apartment development for $76.5 million.

The price equated to $214,888 per unit. That figure is higher than the current average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.