Tampa apartment tower sells for $88 million

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.