ECI Group Sells High-Rise Apartment Building in Tampa to Snell Properties for $136M
TAMPA, FLA. — Atlanta-based developer ECI Group has sold Channel Club, a 22-story high-rise apartment building in Tampa, to Snell Properties, an investment firm based in the Washington, D.C. area. The sales price was $136 million.
The property totals 324 units, which translates to a per-unit sales price of approximately $420,000. Apartments feature one- and two-bedroom floor plans and an average size of 911 square feet. Units are furnished with stainless steel appliances and private balconies.
ECI Group developed Channel Club, which also houses a Publix grocery store and several levels of onsite parking, in 2019. The community offers amenities such as a pool, fitness center and a business center. The Publix was not included in the sale.
ECI Group is also developing Parc Madison, a 351-unit apartment community on the same block as Channel Club. Both projects represent part of a broader effort to redevelop and revitalize one of Tampa’s former industrial districts. The block is also home to Madison Street Park.
“ECI Group is excited to be continuing to invest in one of the most transformational downtowns in the nation with Parc Madison,” says ECI Group CEO Seth Greenberg. “We congratulate Snell on their purchase of Channel Club, a wonderful addition to their growing Southeast portfolio.”
Francesco Carriera of CBRE brokered the sale of the property.
— Taylor Williams