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Tuesday, May 22, 2018
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Pierhouse sold for $76.5 million to Florida’s public pension fund

TAMPA — Florida’s public pension fund has purchased the hip new Pierhouse at Channelside apartment complex just months after it opened.

A deed filed in Hillsborough County shows the State Board of Administration purchased the 356-unit complex for $76.5 million. SBA spokesman Dennis MacKee said the deal closed on Tuesday. It’s not unusual for the pension board to purchase entire apartment complexes as part of its real estate investment portfolio, MacKee said, and the SBA owns 12 such complexes nationwide.

All told, the SBA’s pension fund holds $142.9 billion in assets, MacKee said.

It’s been a quick sale for Pierhouse at Channelside’s developer, Miami-based Related Group. The company just opened Pierhouse in September and put it on the market for sale weeks afterward. Pierhouse renters are paying relatively high rates for an urban lifestyle in downtown Tampa’s Channel District, at 1226 E. Cumberland Ave.

A 540-square-foot studio apartment there, for example, rents for $1,270 a month, Pierhouse officials told the Tribune in November. The complex has one- to three-bedroom apartments situated in four-story buildings. Its units feature granite counter tops, nine- or 10-foot ceilings and island kitchens, and the complex offers a two-story fitness center, Related Group’s Web site says.

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