Tampa Bay’s Top 20 Real Estate Sales of 2024: A $1.75 Billion Overview

Tampa Bay’s Real Estate Market Sees $1.75 Billion in Sales Amid Cooldown

TAMPA BAY, FL – The Tampa Bay region’s real estate market has reported a staggering $1.75 billion in sales from its top 20 transactions this year, marking a modest decrease from 2023 but a notable slowdown compared to the record-breaking activity of 2022. The shift comes as the market adjusts to the realities of rising interest rates and changing buyer preferences.

This year, multifamily properties dominated the sales landscape, with several of the highest-grossing transactions concentrated in suburban areas like Tampa Palms, just north of the University of South Florida. The trend reflects a broader movement of renters seeking more space and amenities outside the urban core, a shift that gained momentum during the pandemic.

Zach Nolan, managing director for JLL Capital Markets, noted, “Developers capitalized on this trend by building in these submarkets, where rent growth was outperforming. The projects that kicked off at that time have now been built and leased, becoming profitable ventures for developers and their capital partners, who have now started to harvest those profits.”

Despite a sluggish market for office sales, the top transaction of 2024 was the sale of a prominent downtown office tower, highlighting the resilience of higher-tier office assets. Robbie McEwan, senior director for JLL Capital Markets, stated, “Higher-tiered office assets across Tampa, Florida, and the nation are averaging well above 90% occupancy. Meanwhile, lower-tier, older, and more antiquated assets have very low occupancy and are often sold as covered land plays, with plans to develop industrial or multi-housing projects.”

Top Sales of 2024

1. 100 N Tampa St. – $151.3 million
   The tallest office tower in downtown Tampa was sold in June to the Brookdale Group. The building, which was 83% leased at the time of sale, previously changed hands for $149 million in 2007.

2. Hyatt Regency Clearwater Beach Resort and Spa – $137 million
   Acquired by New York investment firm Blackstone in August, this beachfront resort features 286 rooms and a rooftop bar, showcasing the continued appeal of hospitality investments in the region.

3. The Pointe on Westshore – $134 million
   This 244-unit garden apartment complex sold in May to American Landmark Apartments, reflecting the ongoing demand for quality multifamily housing.

4. The Henry – $128.1 million
   A popular student housing option near the University of Tampa, this 23-story high-rise was acquired by Strategic Facilities Partners in June.

5. Amira at Westley – $103 million
   This 408-unit apartment complex changed hands in October, highlighting the competitive nature of the multifamily market.

6. Tampa Commerce Center – $94.5 million
   Blackstone purchased this industrial park, leased by Ball Corporation, indicating a strong demand for industrial properties.

7. Windsor Clearwater – $89.7 million
   This Clearwater apartment complex was sold to General Investment and Development, further emphasizing the trend of investment in suburban multifamily properties.

8. Edge at 1702 – $83 million
   Despite selling at a loss, this Tampa apartment complex remains a significant player in the market.

9. Sage at Cypress Cay – $82.5 million
   This newly developed Lutz apartment complex was acquired by local investors, showcasing the area’s growth potential.

10. Henley at Tampa Palms – $82 million
    This 315-unit complex was purchased by Continental Realty Corporation, further solidifying the appeal of Tampa Palms.

As the Tampa Bay real estate market continues to evolve, industry experts remain optimistic about the region’s long-term growth potential, particularly in the multifamily sector. With ongoing demand for quality housing and strategic investments in commercial properties, the area is poised for a dynamic future.