Northwestern Mutual Buys Tampa Asset for $104M
Forge Capital Partners and Intown/Framework Group sold the 235-unit, luxury high-rise property.
Northwestern Mutual has acquired a 21-story luxury community in Tampa, Fla., for $103.5 million. The financial services firm picked up the asset, 500 Harbour Island, from a joint venture between Forge Capital Partners and Intown/Framework Group, which completed the property in 2017.
JLL marketed the asset on behalf of the seller and procured the buyer, which has engaged ZRS Management to oversee the 235-unit community. The property, which was acquired free and clear of existing financing, is located 500 Knights Run Ave. on Harbour Island, a residential island neighborhood just south of downtown.
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Luxury amenities near downtown
500 Harbour Island offers a mix of studio, one- and two-bedroom units averaging 1,087 square feet. Premium amenities include a two-story lobby with concierge, heated pool with waterfall, outdoor amenity deck with skyline views, fitness center, full-service spa and social spaces throughout the building.
Senior Managing Director Matt Mitchell and Senior Directors Zach Nolan and Brett Moss led the JLL Capital Markets team that represented the seller. John Jacobs with Northwestern Mutual Real Estate, which has more than $43 billion in commercial mortgages and equity, cited the property’s condo-quality units and location close to Tampa’s thriving downtown neighborhood as reasons for the acquisition.
One block away from the newly traded property, The Related Group completed Icon Harbour Island, a 340-unit luxury high-rise community, in 2018. The 21-story building at 301 Harbour Place Drive offers rents from $1,616 to $4,228 per month, according to Yardi Matrix.