Willner Realty Buys Tampa Luxury Tower

Cushman & Wakefield facilitated the sale of the 320-unit trophy property, just two years after it was acquired from the original developers in an $88 million deal.
SkyHouse Channelside

An entity led by Willner Realty & Development Co. has acquired SkyHouse Channelside, a 23-story, 320-unit luxury apartment building in Tampa, Fla. Cushman & Wakefield facilitated the deal on behalf of the seller, AVR Realty.

“This property presents a rare opportunity to acquire a trophy class residential tower in Tampa’s downtown core,” Brad Capas, Cushman & Wakefield’s senior director, told Multi-Housing News. “This is property is in the middle of a wealth of exciting new development, including Water Street Tampa, a 50-acre mixed use project that will be transformative for downtown and the Channel District.”

The transaction marks Willner Realty’s fourth multifamily acquisition in Tampa brokered by Cushman & Wakefield, though this is its first foray in the urban core. Leading the charge was Cushman & Wakefield’s Senior Director Luis Elorza, Capas and Vice Chairman Robert Given.

Unique High-Rise

Completed in 2015, the building was developed by Novare Group and Batson-Cook Development Co. AVR Realty acquired the property in 2016 for $88 million.

SkyHouse Channelside units range from studio to three-bedrooms and average 794 square feet. Interiors feature 9-foot exposed concrete ceilings, floor-to-ceiling windows, granite countertops, a washer and dryer and private terraces. The property boasts sweeping city and water views, a 567-space parking garage and 6,482 square feet of ground-floor retail.

Located at 112 N. 12th St., the property is the only high-rise rental community in Downtown Tampa that offers rooftop amenities, such as a 360-degree infinity-edge saline swimming pool and poolside lounge area with fireplaces and grills. Amenities also include a clubhouse on the top floor with a catering kitchen, billiards and state-of-the-art fitness center.

“Strong market conditions and seemingly insatiable investor demand continue to drive pricing throughout most of Florida’s multifamily markets,” Capas said. “High-quality, well-located assets offering excellent long-term growth potential, such as Skyhouse Channelside, are particularly desirable to today’s apartment investors. This is a very appealing market environment for sellers.” 

The building is situated at the southern end of the Channelside district, which offers short commutes to downtown Tampa, as well as the Westshore and I-75 submarkets. Water Street Tampa includes USF’s Morsani College of Medicine, the JW Marriott hotel and Sparkman Wharf.

According to Capas, the property will undergo a series of improvements under the new ownership.

Image courtesy of Cushman & Wakefield