Luxury Clearwater apartment complex on market

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The newest and swankiest apartment complex in the Keystone at the Crossing area is on the market and generating a lot of buzz from interested investors.

82 Flats, a 232-unit project completed in 2013 by Cityscape Residential, formerly known as Hearthview Residential, cost about $24 million to build. It’s north of the Clearwater Crossing shopping center at 82nd Street and Dean Road, within walking distance of the renovated Rivers Edge shopping center anchored by Nordstrom Rack and The Container Store.

84Flats Keystone REW 15colNational demand for multifamily investment properties could push the sale price of 82 Flats to $35 million. (Image courtesy Cityscape Residential)

Cityscape is accepting offers on the property through May 16, at which time the local firm will select the most attractive proposals and request final bids, said Steve LaMotte, who co-leads CBRE’s Indianapolis-Cincinnati multi-family group and is listing 82 Flats for Cityscape.

Hearthview, a veteran developer of condominiums whose projects include the downtown redevelopments of The Athletic Club and Mill No. 9, built 82 Flats as it began transitioning to apartment projects and the new Cityscape moniker.

Sources in the multi-housing sector say the “whisper price” on 82 Flats is above $150,000 a unit, or about $35 million.

“We’re seeing tremendous interest from New York groups,” LaMotte said. “Given the quality and centrality of the locale, there’s a pretty good amount of institutional interest.”

Institutional investors typically have been attracted to the coasts. But the resurgence of the multi-family market following the bursting of the housing bubble has caused a bidding war on the coasts ithat's driving prices to astronomical levels. That’s prompted many groups instead to seek out cheaper, more attractive investments in the Midwest.

82 Flats leased up quickly after opening last year and is 95-percent occupied, according to the property’s marketing materials. It’s commanding rents more comparable to the downtown market rather than the suburbs. At $1.43-per-square foot, singles are fetching about $1,200 per month and doubles up to $1,800.

The high-end units sport stainless-steel appliances, granite countertops, and in-building parking or private garages. Other amenities include a pool and fitness center.

“It’s a testament to the quality of the location,” LaMotte said of the rental rate. “All in all, it’s been a very successful development.”

In December, LaMotte sold another Cityscape apartment development, the 402-unit Prairie Lakes in Noblesville. The buyer was Chicago-based JVM Reality.

Cityscape sold that property and is unloading 82 Flats to take advantage of the favorable market and raise capital for the $300 million in projects it has in the pipeline. Those are in Kansas City, Mo.; Louisville, Ky., and another in Indianapolis that Cityscape isn’t ready to announce.

“82 Flats is a terrific asset,” said Jim Thomas, a partner at Cityscape. “We’re not out to conquer the market in volume. We’d rather do really terrific locations.”

Cityscape's other partners are Thomas, Brian Cranor and Kelli Lawrence. Thomas and Cranor have worked together about 25 years, since their days with Trammell Crow’s Midwest division.

They both joined Chicago-based Amli Residential Properties LP when Amli merged with Trammell in 1997. The two started Hearthview in 2000 to focus on condo projects as a side business and left Amli a few years later. Lawrence joined Hearthview in 2001.
After financing for condo projects dried up following the housing bust, Thomas and Cranor decided to return to their roots and focus on apartment projects under a different company name. They founded Cityscape in 2012.

“There had been various other partners involved with Hearthview that weren’t going to be involved with Cityscape,” Thomas said, “so it made sense to create a new brand.”


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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).