TAMPA — Downtown Tampa’s Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper’s amenities and operate it long-term as a rental community.

“A gorgeous beacon for downtown Tampa,” Northland Investment Corp. chief investment officer Matthew Gottesdiener said of the 35-story Element at 808 N Franklin St., overlooking Curtis Hixon Waterfront Park. “We were looking for an opportunity to acquire a best in class in downtown high rise.”

The sale closed Thursday. Gottesdiener said the company doesn’t discuss what it pays for property, and a deed had not been filed with Hillsborough County as of late Friday afternoon. The Tampa Bay Business Journal reported a purchase price of $112.4 million.

The Element, with 395 apartments, last sold in 2013 for $98 million to a company tied to the Miami-based Crescent Heights real estate firm. It is the fifth acquisition in as many months for Northland, which Gottesdiener said is now Florida’s second-largest owner-operator of market-rate multifamily residential complexes, with 32 properties and 9,122 units.

At 460 feet, the Element is one of Tampa’s tallest buildings, with a distinctive postmodern style and a sleek glassy exterior. Though built less than 10 years ago, in 2009, the building’s interiors, pool deck, fitness center and club room could all use upgrades, Gottesdiener said.

“We’ll be investing millions in the property in coming years,” he said. That said, there are no plans to raise rents, convert the units to condominiums or sell the tower again anytime soon. “We look for investments that are built to last,” he said.

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NEWTON, MA and Tampa, FL (OCTOBER 20, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Element, a 395-unit residential tower in Tampa’s urban core. The 35-story high-rise community is Northland’s fifth acquisition in Florida in as many months.

“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, Northland’s Chief Investment Officer.

With the acquisition of Element, Northland becomes the second largest owner-operator of market-rate multifamily residential communities in the state of Florida with 32 properties and 9,122 units. In the coming years, Northland will undertake a sweeping value-add capital improvement project, including high-end interior renovations and an overhaul of the property’s amenities.

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