CRC Buys 2nd Tampa Community

Continental Realty Corp. has acquired the Henley Tampa Palms community from 29th Street Capital for $82 million. This marks CRC’s second multifamily purchase in Tampa and the first under its new Value-Add Multifamily Fund I, LP, a closed-end private equity fund sponsored by the company.

Located at 15350 Amberly Dr. near Tampa, the two-story property was delivered in 1997. It features 315 units and was 94 percent leased at the time of the transaction.

Henley Tampa Palms features units with an average size of 1,375 square feet within a master-planned community. The previous owner recently completed interior upgrades to approximately 25 percent of the homes. CRC will implement a multi-year property improvement strategy to enhance the curb appeal, address deferred maintenance and upgrade common area amenities.

Berkadia Florida Investment Sales represented the seller in the transaction. CRC’s other Florida property is Grand Reserve at Tampa Palms, a 390-unit multifamily community three miles from Henley Tampa Palms. The purchase of Henley Tampa Palms puts CRC’s portfolio to over 10,000 apartment homes in Mid-Atlantic and Southeast.

The VAMF I Fund

VAMF I, a 2024-vintage closed-end private equity fund, focuses on acquiring value-add opportunities in high-growth markets in the Southeast US, according to Ari Abramson, vice president, acquisitions, CRC.

“This investment capitalizes on strong submarket fundamentals in the greater Tampa area, a key high-growth region in the Southeast,” he told Multi-Housing News. Abramson noted that he and his team will continue to target the Southeast region for “compelling investment opportunities” based on the favorable climate, high quality of life and continuing population shift following corporate relocations and expansions.

“The Tampa Palms submarket is expected to see population and income growth outpace the broader Tampa MSA,” he said. “With higher-than-average home values and lower rent-to-income ratios, the submarket demonstrates strong appeal.”

Abramson cited data showing Tampa’s cumulative growth rate reaching 11 percent over the past three years as one of the fundamentals making the area an appealing investment opportunity. Further, income growth during the same period has been 17 percent while Tampa ranks the 11th fastest-growing city in the nation.

The acquisition of Henley Tampa Palms follows CRC’s purchase of Dartmoor Place at Oxford Square, a 258-unit multifamily community in Howard County, Md., for $86.5 million. Acquired in November, the property is the company’s first in Howard County.