Castle Lanterra Competed With Multiple Bidders to Win Clearwater Apartment
Rent growth is very strong in the entire Tampa MSA but particularly strong in infill locations like Central Pinellas and Clearwater.
CLEARWATER, FL—Flournoy Development Co. of Columbus, GA, has sold The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County to Castle Lanterra Properties of Suffern, New York. The purchase price wasn’t revealed, but Pinellas County public records show it was $78 million.
The Vue at Belleair is an approximate 321,437-square-foot garden-style apartment community developed in 2019 on about a 15.6-acre site at 1551 Flournoy Circle West. The property includes 11 two- and four-story residential buildings with elevators, an integrated clubhouse and detached garage buildings.
The Vue at Belleair offers a mix of one-, two- and three-bedroom apartments. The average unit is 948 square feet with an average market rent of $1,615 ($1.70 per square foot). The property was 93% leased at the time of sale.
Luis Elorza, executive director of Cushman & Wakefield’s Capital Markets Group tells GlobeSt.com that there was very strong interest from a diverse group including institutional investors, family offices, 1031 buyers and private equity groups.
“Rent growth is very strong in the entire Tampa MSA but particularly strong in infill locations like Central Pinellas and Clearwater because of the difficulty in finding land to accommodate a luxury, surfaced-parked apartment community,” Elorza says.
Apartments at The Vue at Belleair feature three designer finish options; nine-, 10- and 11-foot ceilings; hardwood style flooring; deep kitchen sinks with gooseneck faucets; stainless steel appliances; smooth surface cook tops; washers and dryers; granite or quartz countertops; ceiling fans with light kits; upgraded designer light fixtures; and large closets. Select units offer kitchen islands, French door refrigerators, separate showers enclosures and attached or detached garages.
The Vue at Belleair is located on the east side of US Route 19, which provides access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. These major roadways provide convenient access to Tampa’s major employment centers. Residents have access to the Clearwater CBD, St. Pete-Clearwater International Airport, Westshore Business District, Gateway and downtown St. Petersburg, all within a 30-minute commute.
“The Vue at Belleair is a gorgeous, core asset, offering best-in-market design and amenities,” Elorza says. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”