Rendering of the Pierhouse
Mark Holan
Staff Writer- Tampa Bay Business Journal
Related Group of Miami has hired an Atlanta-based investment advisory and brokerage firm to sell the 356-unit Pierhouse at Channelside.
Engler Financial Group begins marketing the apartment project just a few weeks after Related Group founder and CEO Jorge Pérez and Tampa Mayor Bob Buckhorn snipped red ribbons to open the multifamily development at 120 S. Meridian Ave.
The asking price is listed as “TBD by market” on Engler’s website, but Engler founder and CEO Greg Engler told the Tampa Bay Business Journal that he expects the property to attract $80 million to $90 million.
“Pierhouse offers potential investors a well-located, luxury, institutional-quality property in close proximity to many of Tampa’s major employment centers,” Engler said.
It’s not unusual for developers to sell assets once they are opened.
Pierhouse was roughly 40 percent leased at the time of the Sept. 13 grand opening. A more recent figure was not immediately available.
Engler and Related have been working together for a decade. At least 11 other Related multifamily properties, mostly in the Miami area, are currently on the market, according to the company’s website.
Related executives have declined to say how much they invested Pierhouse. Records show the company acquired the Channel District site for $6.5 million in 2010. The developer registered a $32.9 million payment bond with contractor Walker Co. in April 2012.
A call to Related was referred to an outside public relations firm. A call is pending return.
Engler said a pension fund or REIT is the most likely buyer for Peirhouse. He expects the asset will sell by the end or the year or end of the first quarter.
Mark Holan’s beats include commercial real estate and residential real estate.
Open all references in tabs: [1 – 6]