Snell Properties Acquires Tampa’s Channel Club for $136M
The 22-story apartment tower was built in 2019 and is anchored by a Publix supermarket.
Snell Properties has acquired Channel Club Apartments in downtown Tampa, Fla. Seller ECI Group announced the $136 million sale of the 22-story, 324-unit apartment community, which is anchored by a Publix supermarket.
Channel Club Apartment Tower was developed by ECI in 2019. The multifamily community features one- and two-bedroom apartments that average 911 square feet in size. Features and finishes include private balconies with skyline views, granite countertops, and in-unit washers and dryers. A media center-movie theater is among the most upscale amenities of the property.
“Sales of this magnitude don’t automatically go smoothly,” Scott J. Levitt, ECI Group chief acquisitions officer, told Multi-Housing News. “They take a lot of planning, effort and focus by everyone involved. This was an incredible team effort that enabled a very smooth and on-time sale.”
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Channel Club is among the recent additions to downtown Tampa’s Channel District, a once industrial area along the Hillsborough River that is now a lively, pedestrian-friendly enclave. Even though ECI Group has sold Channel Club Apartment Tower, the firm has continued investing in the future of the Channel District. ECI Group recently launched development of Phase II of Parc Madison. The 351-unit multifamily building is earmarked for the identical block as the Channel Club and Madison Street Park.
The highly walkable and bikeable neighborhood has Walk and Bike Scores of 79 and 65 respectively. The surrounding area also has numerous accessible transit options. The property is near the University of Tampa, Tampa Convention Center, Amalie Arena, Tampa Bay History Center and Florida Aquarium. A recent report found that the Tampa Bay metropolitan area is primed for another banner year.