The Related Group Sells ICON Harbour Island for $131.5M
The Class AA luxury project on Harbour Island was completed in 2017 and was sold to Olympus Property of Fort Worth.
TAMPA—Miami-based The Related Group has sold its 340-unit, 21-story high-rise ICON Harbour Island apartment development here for $131.5 million.
The Class AA luxury project on Harbour Island was completed in 2017 and was sold to a partnership of Olympus Property of Fort Worth and RSE Capital Partners of Washington, DC. The deal, which calculates out to $387,000 per unit, is believed to be one of the largest multifamily transactions in Tampa Bay’s history. The complex has been renamed Olympus Harbour Island.
Newmark Knight Frank Multifamily’s vice chairmen Patrick Dufour and Richard Donnellan and director Ryan Crowley assisted The Related Group in the disposition of the property, which was 93% leased at the time of the sale.
“Tampa is the number three multifamily market for rent growth and the sixth fastest growing population among the top 20 MSAs in the U.S.,” says JLL’s Dufour. “ICON Harbour Island offered a generational investment opportunity to acquire a best-in-class multifamily asset in Tampa’s most prestigious neighborhood.”
Recently constructed in 2017, ICON Harbour Island is adjacent to Water Street, a $3-billion redevelopment of Downtown Tampa. It is surrounded by a growing set of employment drivers, transportation nodes, retail and entertainment venues including Amalie Arena, the Tampa Convention Center, Sparkman’s Wharf, the new USF Medical School and the Florida Aquarium.
ICON Harbour Island is certified as a Florida Green high-rise residential building by the Florida Green Building Coalition. The Parisian-style tower features studio, one-, two-, and three-bedroom apartments with a luxurious amenity package including an elegant reception lobby, an open fitness center, private dining room, clubroom with a boutique hotel lobby experience, expansive pool setting with a large covered outdoor kitchen and dining.
“Olympus Harbour Island is one of the highest quality assets located in one of the most premier locations in the southeast. This is a deal we are comfortable owning for a very long period of time,” says Chase Bennett, director of acquisitions at Olympus Property.