Cushman & Wakefield Brokers $78M Sale of Newly Built Multifamily Community in Clearwater, Florida

CLEARWATER, FLA. — Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit multifamily community in Clearwater, 20 miles west of Tampa. Located at 1551 Flournoy Circle W., the property sold for $78 million, according to the Tampa Bay Times. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Advisory Group represented the seller and developer, Columbus, Ga.-based Flournoy Development Co., in the transaction. Suffern, N.Y.-based Castle Lanterra Properties acquired the community, which consists of 11 two- and four-story residential buildings. Built in 2019, Vue at Belleair offers one-, two- and three-bedroom apartments, as well as gated access, elevators, a rooftop terrace, clubhouse, coffee bar, two dog parks, car care center, saltwater pool, fitness center, fire pits and a business center with a conference room, video game room and a billiards table. The property was 93 percent occupied at the time of sale. The Vue at Belleair is located on the east side of U.S. Route 19.