Transaction Underscores Strong Investor Appetite for Core-Plus Multifamily Properties in the South-Eastern United States
TAMPA, FL, November 15, 2018 — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of SkyHouse Channelside, a 320-unit, trophy apartment community in downtown Tampa.
Senior Director Luis Elorza, Senior Director Brad Capas and Vice Chairman Robert Given represented New York-based AVR Realty Company in the disposition. The buyer is an entity led by Willner Realty & Development Company, a privately held real estate investment company with retail, hospitality and multifamily assets throughout the United States. Willner Realty is headquartered in Pennsylvania, but the majority of the company’s multifamily properties are in the Tampa market. This is Willner Realty’s fourth multifamily acquisition brokered by Cushman & Wakefield in the Tampa Bay area.
Completed in August 2015, SkyHouse Channelside is a luxury, 23-story high-rise tower with sweeping city and water views; an expansive 567-space parking garage; and 6,482 square feet of ground-floor retail. Units range from studio to three-bedrooms and average 794 square feet.
At 112 N. 12th St., the property is at the southern end of Tampa’s Channelside district with short commutes to downtown Tampa as well as the Westshore and I-75 submarkets. The property is well positioned to benefit from numerous mixed-use projects planned in the immediate area.
“Water Street Tampa, which includes USF’s Morsani College of Medicine, the JW Marriott hotel and Sparkman Wharf, is only part of the Downtown Tampa story,” said Elorza. “Skyhouse residents will also enjoy short walks to many other community features like the Riverwalk, the new Publix, the TECO Streetcar and possibly someday the Tampa Bay Rays’ new baseball stadium.”
The property is Downtown Tampa’s only high-rise rental community with rooftop amenities, which include a 360-degree infinity-edge saline swimming pool and poolside lounge area with fireplaces and grills. Other amenities include a clubhouse on the top floor with catering kitchens and billiards, a state-of-the-art fitness center and fenced dog park. Unit interiors feature 9-foot exposed concrete ceilings, floor-to-ceiling windows, granite countertops, tiled kitchen backsplash, espresso wood cabinets, breakfast bar or island, washer and dryer and private terraces. The property is also steps from the free TECO Streetcar line, which runs through Channelside, downtown and Ybor City.
“SkyHouse represents a unique core-plus investment opportunity offering many of the qualities investors seek, including a high-rise tower with ample parking in an urban location,” added Capas. “Willner Realty is a long-term investor and plans to make a series of capital investments in SkyHouse to enhance the property’s position as one of the top multifamily properties on the west coast of Florida.”
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Capas, Elorza and Michael Mulkern in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Christopher Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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