Related Group Seals Largest Multifamily Deal in Tampa Bay History
- Nov 12, 2019
The Related Group has sold Icon Harbour Island, a Class A, 340-unit high-rise in Tampa, Fla. Olympus Property purchased the luxury tower for $131.5 million, or $387,000 per unit, and rebranded it as Olympus Harbour Island. The transaction marks the largest multifamily sale in Tampa Bay’s history. Newmark Knight Frank assisted the seller in the deal.
Completed in 2017, Olympus Harbour Island features one- to three-bedroom apartments and one- to three-bedroom penthouses. Amenities include a resort-style swimming pool with cabanas and daybeds, clubhouse with catering kitchen and piano salon, fitness center, wine cellar, movie theater and a parking garage with 440 spaces. Certified as a Florida Green High-Rise Residential building, the property was 93 percent occupied at the time of sale.
The 21-story building rises at 301 Harbour Place Drive on Harbour Island, one of the most affluent areas in the state, less than 2 miles south of Downtown Tampa. Niche.com recently ranked Harbour Island as the best neighborhood to live in Florida based on lifestyle, schools and employment. The 9 million-square-foot Water Street, a $3 billion redevelopment of Downtown Tampa, is adjacent to the property. Tampa Riverwalk, the 2.6-mile scenic trail that includes various restaurants, parks and entertainment, is also close-by.
Newmark Knight Frank Vice Chairmen Patrick Dufour and Richard Donnellan, along with Director Ryan Crowley, brokered the transaction. Dufour was also instrumental in another recent record-setting sale in St. Petersburg, Fla.