Coral Rock Development Corp. and Arena Capital Holdings, both based in Miami, acquired Prospect Towers in downtown Clearwater for $13.5 million.

The senior living high-rise has 208 independent living units and sits on 2.3 acres.

Coral Rock and Arena Capital plan to renovate the property, including the interior. Innovation Senior Management will manage operations of the building on behalf of the owners.

“We are very pleased to expand Coral Rock’s footprint with the acquisition of Prospect Towers, the second asset that we own and operate in partnership with Arena Capital Holdings,” said Stephen Blumenthal, principal of Coral Rock Development Group. “This acquisition aligns with our growth strategy and further strengthens our ownership presence in the state of Florida and we look forward to providing residents with a value-add program and building upgrades throughout.”