Clearwater apartments sell for $77.25 million
Castle Lanterra Properties, a New York-based national real estate investment firm, has bought Vue at Belleair, a newly constructed 339-unit luxury garden apartment community in Clearwater. Castle Lanterra purchased the property from developer Flournoy Companies for $77.25 million, or $227,876 per unit, according to CityBizList. Cushman & Wakefield negotiated the sale. Castle Lanterra generally invests in value-add properties, but the company said the newly built Vue at Belleair "represents a remarkable opportunity given a lack of new, high-quality housing in the immediate area and a range of positive demographic shifts occurring more broadly in the Tampa Bay area."