Tampa, FL (November 16, 2021) — Arlington, Virginia-based Snell Properties and its partners closed today on the purchase of Channel Club, a 324-unit high-rise apartment community in Tampa’s rapidly growing Channelside District. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group.
The property, located at 1115 East Twiggs Street, boasts a prime walkable location, close to downtown, restaurants, retail including Water Street Tampa, and destinations such as the Florida Aquarium, Amalie Arena, Sparkman Wharf, and Tampa Riverwalk. The community is adjacent to the Madison Street Park, a brand-new public park with two gated dog parks, picnic areas, a putting green, and an event space.
“We are incredibly proud to add Channel Club to our portfolio,” said Peter Colarulli, vice president of Snell Properties. “It’s a fantastic time to invest in Tampa. We have been impressed by Tampa’s economic strength, quality of life, and burgeoning downtown as we continue to expand in the Southeast.”
The 22-story building was constructed in 2019 and contains studio, one- and two-bedroom floorplans, each with its own balcony. The residences offer modern, open-concept layouts with stainless steel appliances, granite countertops, kitchen islands/peninsulas with seating, and in-unit washer/dryers. Residents have direct access to the ground-floor Publix grocery store and controlled access parking. Community amenities include an eighth-floor swimming pool with views of downtown Tampa, outdoor grilling stations, an outdoor community kitchen with bar seating and TVs, a fitness center with on-demand programming, a community clubroom and rentable storage units.
As the third largest city in Florida, Tampa has seen substantial population and economic growth over the past decade and projections show continued growth over the next several years. In 2020, Tampa attracted 40,600 new residents, a larger population gain than any other metropolitan area in Florida. Real estate site Redfin.com listed Tampa as fourth in the nation for net inflow.
Downtown Tampa is home to more than 3,700 businesses and 75,000 jobs across industries including technology, healthcare, financial services, manufacturing, defense and more. Major employers in the Tampa Central Business District include IBM, Bristol Myers Squibb, Humana, MetLife, State Farm and PwC.
Frank Carriera and Michael Regan of CBRE represented the seller in the transaction. Financing for the transaction was provided by Nuveen Real Estate and arranged by Maxi Leachman, David Webb, and Jones Veith of CBRE. Bainbridge Partners has been retained to manage the property.
Over the past fifteen months, Snell Properties has significantly expanded its portfolio through the strategic acquisition of Class A assets in economically strong submarkets in North Carolina, Tennessee, Virginia, and Florida.
“Channel Club continues the dynamic transformation of our real estate holdings,” said Chris Hanessian, president of Snell Properties. “We will continue to look for opportunities to grow our business in strong markets.”
About Snell Properties
Headquartered in Arlington, Virginia, Snell Properties is an investor, developer, and asset manager of a portfolio of multifamily, commercial, and mixed-use properties in urban and suburban submarkets surrounding Washington, D.C. and throughout the Southeast United States. Founded in 1947 by George Snell, the company has built a legacy of creating value with its core portfolio of multifamily and commercial assets. Today Snell is managed by a seasoned team of real estate professionals with expertise in value-add renovations, development, finance, acquisitions, and asset management. With a noteworthy portfolio of assets and exciting plans to expand into new markets and ventures, Snell is a boutique firm building on its legacy in innovative ways, including the redevelopment of the Ames Center in Rosslyn. For more information, please visit snellproperties.com.
Contact: Kris Warner
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