Flournoy Development Company sold the 339-Unit Apartment Community to Castle Lanterra Properties
CLEARWATER, FL, December 19, 2019 — Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.
Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Columbus, GA-based Flournoy Development Company in the sale. Castle Lanterra Properties, of Suffern, NY, acquired the asset.
The Vue at Belleair is a ±321,437-square-foot garden-style apartment community developed in 2019 on ±15.6-acre site at 1551 Flournoy Circle West. The property comprises 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.
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.
Community amenities include gated access; elevators; a rooftop terrace with views of Tampa Bay; a resident clubhouse; a gourmet coffee bar; two dog parks with dog wash centers; a car care center; a resort style, zero-entry solar and gas heated saltwater pool with cabanas; a pool pavilion with an outdoor kitchen and televisions; a performance fitness center with wellness and spin rooms; two massage rooms; two lakes with fountains; fire pits; a business center with a conference room; a video game room and a billiards table.
The Vue at Belleair is located on the east side of U.S. 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,” said Elorza. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”
“The community’s recently stabilized operations mitigate lease-up risk for new ownership,” added Capas.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.