T
he Tampa Bay region saw a modest decrease in sales this year, with the top 20 deals totaling over $1.75 billion, down from last year's figures but still significantly higher than 2022's numbers fueled by low interest rates. Multifamily properties dominated the list, with several high-end apartments selling in suburban areas like Tampa Palms and Lutz.

    Developers capitalized on the trend of renters moving out of urban cores during the pandemic, building in submarkets where rent growth was strong. As a result, many new projects have been completed and leased, becoming profitable ventures for developers and their partners.

    Office sales were sluggish due to companies adapting to remote work, but the top sale of 2024 was a downtown office tower. Higher-tiered office assets averaged over 90% occupancy, while lower-tier properties had low occupancy rates and were often sold as land plays with plans to develop industrial or multifamily projects.

    The top 20 sales included:

    1. 100 N Tampa St., the tallest office tower in downtown Tampa, sold for $151.3 million.

    2. The Hyatt Regency Clearwater Beach Resort and Spa was purchased by Blackstone for $137 million.

    3. The Pointe on Westshore, a 244-unit apartment complex, sold to American Landmark Apartments for $134 million.

    4. The Henry, a high-rise student housing project in downtown Tampa, was acquired by Strategic Facilities Partners for $128.1 million.

    5. Amira at Westley, an apartment complex built in 1999, was sold to Blue Rock Real Estate for $103 million.

    Other notable sales included:

    6. Tampa Commerce Center, an industrial park leased by Ball Corporation, was purchased by Blackstone for $94.5 million.

    7. Windsor Clearwater, a 396-unit apartment complex, was acquired by General Investment and Development for $89.7 million.

    8. Edge at 1702, a 259-unit apartment complex, sold to Conti Capital for $83 million.

    9. Sage at Cypress Cay, a 324-unit apartment complex, was purchased by Argyle Real Estate Partners and Sembler Investments Real Estate Partners for $82.5 million.

    10. Henley at Tampa Palms, a 315-unit apartment complex, was acquired by Continental Realty Corporation for $82 million.

    The remaining sales on the list included:

    11. 930 Central Flats, an apartment complex in St. Petersburg's Edge district, sold to Olympus Property for $81 million.

    12. Charleston on 66, an apartment community in Largo, was purchased by Eaton Vance for $72 million.

    13. Portofino Apartments, a 396-unit complex in Tampa, was acquired by Hilltop Residential for $68.9 million.

    14. The Dawson Apartments, a 408-unit complex in Tampa, traded to Brookfield Properties as part of a larger portfolio deal with Starwood Capital Group for $66.7 million.

    15. Azola South Tampa, an apartment community built in 2017, was sold to Momentum Real Estate Partners for $64.3 million.

    16. Windsor Highwoods Preserve, a 357-unit complex in Tampa, traded to General Investment and Development for $63.9 million.

    17. Cottages at Brandon, a rental community under construction, was purchased by American Landmark Apartments for $63.1 million.

    18. Bell Westchase, an apartment complex in Tampa, was acquired by Bell Partners for $62.3 million.

    19. Lantana at Cypress Cay, a 252-unit apartment complex, sold to Argyle Real Estate Partners and Sembler Investments Real Estate Partners for $62 million.

    20. Mystic Pointe Apartments, a 252-unit complex in Land O Lakes, was purchased by Hilltop Residential for $62 million.