A 390-unit apartment building in one of Tampa’s newest developments has sold for $236.5 million to CBRE Investment Management Fund.
The building, Novel Midtown Tampa, is in the $500 million Midtown Tampa, a master-planned community in one of the city’s busiest commercial districts.
The sale is one of highest priced transactions in a year when the multifamily market has felt nothing short of as hot as lava. That’s especially true when you consider the per-unit price for the development was $606,410.
According to Colliers’ first-quarter multifamily market report, the highest sales price in the past year in Tampa before this was the 400-unit Riverwalk Manor in downtown. It sold for $220 million, or $562,500 per unit, in December. The next closest was the 324-unit Channel Club, also in downtown, which brought $136 million — $419,753 per unit — in November.
Read the full Business Observer Article