TAMPA - The 35-story downtown Element apartment tower is for sale as part of a big condo and apartment bundle valued at nearly $1 billion, its owners said.

The tower was bought by Chicago-based property investors after its developer defaulted on a construction loan, ST Residential executive Jon Pertchik said.

Pertchik said "the sale will mean nothing" for tenants in the tower's 395 apartments at 808 N Franklin St., which rent for $1,300 to $2,100 a month.

The tower was once planned as condos selling for up to $1 million before the condo market crashed and developers retooled them as rentals.