The property is located in Pinellas County along US-19, within a 25-minute drive of Tampa’s Westshore principal business district and Gateway residential district, Clearwater’s central business district and Clearwater International Airport, as well as downtown St. In addition, the amenity building houses a performance fitness center with wellness and spin room a gourmet coffee bar two massage rooms and a billiards room. Vue at Belleair’s one-, two- and three-bedroom apartments feature nine-, 10- and 11-foot ceilings and sweeping views of Tampa Bay, with property amenities including a rooftop terrace with bay views, a saltwater swimming pool, an outdoor kitchen and two dog parks. “We’re optimistic that these positive trends will continue to create robust demand for class-A housing as existing supply is largely absorbed and a rapid influx of new residents demands higher-end product.” metro areas,” said Benjamin Loney, Head of Acquisitions at CLP. “The Tampa Bay area has become a target market for us based on the value proposition new construction presents coupled with numerous positive demographic trends the area has experienced in recent years, including rapid population growth that has made it one of the fastest-growing U.S. The area’s friendly business environment and high quality of life has continued to attract residents and businesses, boosting housing demand and rent growth. cities conducted by New York-based WalletHub, Tampa ranked 10th among all large American cities when comparing metrics such as population, job and business growth, as well as building permit activity. that are positioned to benefit from positive demographic and economic shifts. The firm continues to seek opportunities to acquire properties across the U.S. With this latest transaction, CLP currently owns and operates 26 properties comprising more than 7,000 units. Since its foray into South Florida in 2017 with its acquisition of Loftin Place in West Palm Beach, CLP has closely monitored the Tampa Bay area and its remarkable rebound since the global recession. The quality of construction and optimal location within the submarket gives us confidence that we can achieve long-term success by implementing our best-in-class management and capitalizing on this gap in the market.” “While value-add is our bread-and-butter, we believe this striking newly-constructed product will allow us to achieve steady, controlled appreciation given its unparalleled location near the Gulf but outside of flood zones.
“The full lease-up of this property is a testament to the fact that Flournoy Companies has developed one of the most beautifully constructed class-A properties in this Tampa Bay submarket and reflects the high demand for housing of this caliber in the area,” said CLP CEO Elie Rieder. While recognized for investing in value-add properties, CLP believes that Vue at Belleair represents a remarkable opportunity given a lack of new, high-quality housing in the immediate area and a range of positive demographic shifts occurring more broadly in the Tampa Bay area. The firm purchased the property from developer Flournoy Companies for $77.25 million, representing a cost of $227,876 per unit. (Decem– CLEARWATER, Fla.) – Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, acquired Vue at Belleair, a newly-constructed 339-unit luxury garden apartment community at 1551 Flournoy Circle West in Clearwater, Florida.