Crescent Communities Sells Tampa Property for $236M

NOVEL Midtown Tampa. Image courtesy of Crescent Communities

Crescent Communities has sold NOVEL Midtown Tampa, a Class A 390-unit luxury community in Tampa, Fla., to a fund sponsored by CBRE Investment Management. The property traded for $236.5 million, according to Hillsborough County records. PGIM Real Estate was an investment partner in the development of the property.

The property was completed in 2021 and is part of the larger Midtown Tampa mixed-use community developed by Bromley Cos. NOVEL Midtown Tampa encompasses studio, one-, two- and three-bedroom apartments. Interiors feature washers and dryers in all units and private balconies in select units. Common-area amenities include a swimming pool, a clubhouse, a fitness center and co-working spaces.

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Located at 3730 Midtown Drive, the property is approximately 3.5 miles from downtown Tampa, 3 miles from Cypress Point Park and roughly 6 miles from Ben T. Davies Beach. The community has access to various cultural and recreational venues, such as the Florida Aquarium and Tampa Theater. Dining and retail options are available in the nearby area, along West Cypress Street and Midtown Drive.

Crescent Communities is expanding its footprint in Florida with other projects in development, such as NOVEL Beach Park and NOVEL Independence Park, the latter being a 44-acre, five-story community in Tampa, as well as RENDER Legacy Trail and HARMON Legacy Trail in South Sarasota. Crescent Communities has also partnered with FCP for the development of a 450-unit Class A community in Laurel.