The sale of Icon Harbour Island, a 340-unit, 21-story high-rise apartment community located just south of downtown Tampa, Fla., marks the largest multifamily transaction in Tampa Bay’s history. Olympus Property, based in Fort Worth, Texas, bought the property from the Related Group for $131.5 million, or $387,000 per unit.
New York-based Newmark Knight Frank Multifamily vice chairmen Patrick Dufour and Richard Donnellan and director Ryan Crowley assisted the Related Group on the sale in the hot southwest Florida market. “Tampa is the No. 3 multifamily market for rent growth and the sixth fastest-growing population among the top 20 MSAs in the U.S.,” said Dufour. “Icon Harbour Island offered a generational investment opportunity to acquire a best-in-class multifamily asset in Tampa’s most prestigious neighborhood.”
Olympus Property is reflagging the property as the Olympus Harbour Island. It sits adjacent to the Water Street, the $3 billion mixed-use development backed by Bill Gates and Tampa Bay Lightning owner Jeff Vinik. The property was finished in 2017 and is now surrounded by Amalie Arena, the Tampa Convention Center, Sparkman’s Wharf, USF Medical School, and the Florida Aquarium.
"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," said Chase Bennett, director of acquisitions at Olympus Property.
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, a private dining room, a club room, a swimming pool, and a covered outdoor kitchen. There's also a piano salon, a game room with billiards, a wine cellar, a movie theater, a barbecue grill, a picnic area, and a gourmet café bar.
Unit features include 9-foot ceilings, stainless steel appliances, quartz countertops, porcelain tile backsplashes, garden tubs, walk-in showers, double vanity sinks, framed bathroom mirrors, walk-in closets, and patios. The building was 93% occupied at the time of closing and is certified as a Florida Green high-rise residential building by the Florida Green Building Coalition.
