Continental Realty Corporation (CRC) has recently acquired Henley Tampa Palms for a total of $82 million. This 315-unit, two-story apartment community is located at 15350 Amberly Drive in the thriving city of Tampa and was reported to be 94 percent leased at the time of purchase. The seller, 29th Street Capital, was represented by Berkadia Florida Investment Sales during this transaction.
This marks CRC’s first acquisition on behalf of their Value-Add Multifamily Fund I, LP (VAMF I), a closed-end private equity fund sponsored by the company. The main focus of this fund is to acquire value-add opportunities in rapidly growing markets throughout the Southeast region.
In addition to Henley Tampa Palms, CRC also purchased another multifamily community called Grand Reserve at Tampa Palms which consists of 390 units and is located just three miles away from Henley.
Henley Tampa Palms can be found within the highly sought-after master-planned community known as “Tampa Palms”. Spanning over an impressive area size of approximately 4,100 acres with a total numberof28 residential villages within its boundaries. This beautiful property features an arrayof53 two-story garden-style apartment buildings that offer one-, two- and three-bedroom floorplans ranging from spacious sizes between941to1 ,671 square feet each.
The recent news reports that Continental Realty Corporation (CRC) has successfully completed their purchase for $82 million on Henley Tampa Palm apartments situated near bustling city center in Florida’s popular location -Tampa Bay Area . At present ,the complex boasts about having almost full occupancy rate with only six percent vacancy left when it went under contract . It should also be noted that Berkadia Florida Investment Sales acted as mediator representing seller named “29th street capital” during this deal .
It must further mentioned here that such investment marks beginning for Value Add Multifamily Fund I, LP (VAMF I) , a closed end private equity fund that is sponsored by CRC . This particular fund has been designed to target value add opportunities in Southeast region’s high growth markets .
Apart from Henley Tampa Palms , the company also acquired another multifamily community called Grand Reserve at Tampa Palms which comprises of 390 units and is located just three miles away from Henley.
The location of this apartment complex within “Tampa Palm” -a master planned community sprawling over an area size of 4,100 acres with as many as twenty eight residential villages under its umbrella. The property boasts about having fifty-three two story garden style buildings featuring one-, two- and three-bedroom floorplans ranging between spacious sizes varying between nine hundred forty-one square feet to sixteen hundred seventy-one square feet each.
