JLL Capital Markets closed the sale of the multi-housing property in Florida
JLL Capital Markets announced today that it has closed the sale of the bulk condominium interest in Gull Harbor, a multi-housing property located at 17105 Gulf Blvd. in North Redington Beach, Florida.
JLL closed the property sale on behalf of InvestRes to an undisclosed buyer.
The buyer completed a bulk purchase of 237 units, or 90.1%, of the 263 units at Gull Harbor. The property offers residents several floor plans within one-, two- and three-bedroom apartments. All units feature an updated kitchen and modern finishes, and the community offers top-of-the-line amenities such as two pools, a sundeck, fitness center, library, sports lounge and breathtaking views of both the intercoastal waterway and the Gulf of Mexico.
Located across the street from the beach, Gull Harbor is one of the only apartment rental options within walking distance to the Gulf of Mexico in Pinellas County. The apartments are just minutes away from some of Florida’s most prominent destinations, such as St. Petersburg, Clearwater and Treasure Island.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Matt Mitchell and Senior Director Zach Nolan.
According to Mitchell, “Gull Harbor is exemplary of the strength of the Tampa Bay multi-housing market as buyers are attracted to the region’s resilience during the pandemic, owing to its diverse economy and strong in-migration. Properties are generally seeing minimal impact to property performance, which combined with the historically low interest rate environment, is helping to maintain a healthy transaction market.”
Nolan added, “It’s very rare to find apartment properties within walking distance of the beach in the Tampa Bay market and because of this, Gull Harbor will always be desirable and will always maintain its competitive advantage.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About InvestRes
Since 2010, InvestRes (www.investres.com) has acquired over 17,000 apartment homes throughout Florida, Texas, Arizona, and Colorado. InvestRes is a vertically integrated company, handling acquisitions, property management, construction management, debt placement, and portfolio management in-house. InvestRes aims to provide premier service to investors and owners of residential real estate.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
