Related Selling Off Tampa Multifamily Asset

MIAMI—The Related Group is selling Pierhouse at Channelside, a luxury multifamily community in Downtown Tampa, FL. Engler Financial Group is heading up the marketing efforts.

Designed by MSA Architects and built in 2013, Pierhouse is a 356-unit multifamily asset on Meridian Avenue in Tampa's Channelside District. The multifamily development offers four, four-story buildings with both city and water views, as well as views of a nautical-themed urban linear park featuring more than $300,000 of outdoor art curated by the project's landscape architect.

“Pierhouse at Channelside represents a tremendous opportunity to own an exceptional asset in Downtown Tampa,” says Greg Engler, founder and CEO of EFG. “The market has experienced a substantial growth in rental rates, a trend expected to continue over the next few years. Pierhouse offers potential investors a well-located, luxury, institutional-quality property in close proximity to many of Tampa's major employment centers.”

Engler, along with Pat Jones from EFG's headquarters office and Nick Husak, from EFG's Tampa operations, will work with Related on the multifamily disposition. In the past 10 years the firm has sold 164 multifamily properties worth a collective $7 billion.

Pierhouse has plenty of selling points. The multifamily asset is at epicenter of Tampa's largest employment concentrations, including the Central Business District, Westshore District and the Interstate 75 Corridor. Among the major employers with operations in the area are Humana, IBM, PwC, Progressive, JP Morgan Chase, Tampa General Hospital, MacDill Air Force Base, and State Farm.

“We believe Pierhouse is well poised to take advantage of the continued job creation that comes from the high-profile companies that recognize the benefits of moving their operations to downtown Tampa,” Engler says. “So far in 2013, Tampa has experienced the creation of 41,000 new jobs—the highest in the state of Florida.”