2017 Top Deals: Tampa Bay
December 29, 2017
By Kevin McQuaid
Unlike the two other submarkets along the Gulf Coast, the Tampa Bay area had a balanced and measured 2017.
Its Top Five showcased a pair of hotel deals, an industrial sale and a suburban office portfolio transaction.
Analysts say the diverse nature of the transactions represents a robust market, and one that is likely sustainable into the coming year and beyond.
Tampa Bay also demonstrated consistency in 2017: Its Top Five deals, in terms of overall dollar volume, came in at just $1 million more than the combined take in 2016, and a scant $32 million more than the largest five transactions brought in 2015.
2 Element: $112.4 million
Boston-based Northland Investment Corp. paid the most for any multifamily rental project along the Gulf Coast in 2017.
The company also cemented its place as Florida’s second-largest owner and operator of market-rate apartments with the deal.
Matthew Gottesdiener, Northland’s chief investment officer, describes the 35-story Element as a “best-in-class, downtown high-rise asset.”
The 395-unit complex, at 808 N. Franklin St., opened in 2009.
Northland intends to upgrade Element’s amenities and make other improvements, Gottesdiener says.
To see the full article and list, visit: https://www.businessobserverfl.com/section/detail/2017-top-deals-tampa-bay/