Downtown Tampa Rental Community Sold to Bell Partners
- May 11, 2012
Tampa, Fla.—The 422-unit Seaport Channelside Apartments in downtown Tampa was sold in mid April for more than $66 million to a purchasing group headed by Greensboro, N.C.-based Bell Partners Inc.
Also part of that group are a number of Bell-sponsored individual investors and Crow Holdings. In keeping with an ongoing Bell branding strategy, the property has been renamed Bell Channelside, and is being managed by Bell Partners.
The recently constructed, Class A mid-˙rise property is the fourth Bell Partners has purchased in Tampa. It sits on 6.7 acres, is about 450,000 square feet in total size, and is currently 94.3 percent occupied.
Bell Channelside’s six stories wrap around a structured parking garage with an unusual rooftop feature. The garage is topped by 27,000 square feet of storage space, parceled into 302 climate-controlled storage units.
Close to both the Crosstown Expressway and I-275, Bell Channelside is located in the heart of the Channelside neighborhood in northeast downtown Tampa, and is within easy walking distance of upscale dining, nightlife and shopping, as well as the Tampa Aquarium. The community offers a mix of one-, two- and three-bedroom apartments, as well as townhomes. All units feature full-size washers and dryers, walk-in closets, garden bathtubs and balconies.
Residents of Bell Channelside can savor a number of community gathering spots, including residents’ lounge with Wi-Fi and computers, landscaped courtyards, billiards room, 24-hour fitness center, zero-entry pool and spa. The community also offers “bark parks” and covered and gated parking.
“We are excited to grow our presence in the Tampa market, and proud to add this trophy asset to our portfolio,“ Bell Partners President Jon Bell says. “We are committed to continued growth in the Tampa MSA.”
Adds Joe Cannon, Bell’s vice-president of investments, “We are especially pleased to acquire this high-profile, unique property, in a vibrant Florida city. “It exemplifies our objective of acquiring well-located, high-quality properties across the Mid-Atlantic, Southeast and Southwest.”
According to the National Multi-Housing Council, Bell Partners is the 10th largest apartment management company in the United States. With the acquisition of Channelside, its portfolio now includes 227 multifamily properties.