TAMPA — In yet another sign of Tampa Bay’s torrid apartment market, a Texas-based company has bought the 340-unit ICON Harbour Island for a record $131.5 million.
The sale by Miami’s Related Group to Olympus Property is the most ever paid for a bay area apartment community and the second highest price per unit, $387,000. Newmark Knight Frank Multifamily, which represented Related, said the quality and location of the 21-story building make it "one of the premier assets'' in the southeastern United States.
"The Related Group’s brand is associated with iconic, ultra-luxury developments, and Harbour Island is a prestigious, affluent, walkable urban location in the emerging downtown Tampa market,'' Patrick Dufour, Newmark’s vice chairman, said in a release.
Dufour noted that Tampa ranks third among the nation’s top 20 metro areas in rent growth — the rate at which rents are rising— and has the sixth fastest growing population. ICON Harbour Island offered a “generational investment opportunity” to acquire an asset in one of Tampa’s most prestigious neighborhoods, he said. The apartment tower, built in 2017, is close to Amalie Arena, the Tampa Convention Center, a new medical school and the Florida Aquarium.
Known in South Florida for its luxury condo projects, Related has become a prominent apartment developer in the Tampa Bay area. Earlier this year, it opened the 15-story, 368-unit ICON Central in downtown St. Petersburg; the three penthouses rented quickly at nearly $6,000 a month.
In Tampa, Related built Pierhouse Channelside in 2013 and recently completed Manor Riverwalk downtown and Town Westshore in the Westshore Marina District.
Before the ICON Harbour Island sale, the top price paid for a bay area apartment community was $126.3 million early last year for the 358-unit Camden Pier District in downtown St. Petersburg.
Dallas-based Olympus, ICON Harbour Island’s new owner, has apartments in Florida, Texas, California, Oklahoma, Tennessee, Arizona, Arkansas, Georgia, Utah, and New Mexico.