Crescent Communities Announces the Sale of NOVEL Midtown Tampa to CBRE Investment Management Fund
May 24, 2022
Crescent Communities is pleased to announce the sale of NOVEL Midtown Tampa to a fund sponsored by CBRE Investment Management. PGIM Real Estate was Crescent Communities’ investment partner for the development of the community, and NOVEL Midtown Tampa marked the sixth multifamily community Crescent Communities has developed in the Tampa market, with two more communities just recently announced and under construction.
“We could not be prouder of NOVEL Midtown and the impact this community has had on the greater Tampa market,” said Tim Graff, Managing Director for Florida for Crescent Communities. “We’ve watched it grow from an idea into a thriving community in a new destination district for the city and really deliver on the live, work, play promise. We look forward to its continued growth as CBRE Investment Management incorporates it into their portfolio.”
NOVEL Midtown Tampa, located at 3730 Midtown Drive, welcomed its first residents in April 2021 and features 390 for-rent residences. In addition to the distinct style and sophisticated offerings for which NOVEL communities are known, the community is part of the larger Midtown Tampa master-planned community developed by Bromley Companies, which includes 1.8 million square feet of entertainment, office, and retail offerings anchored by a grocer, REI, True Food Kitchen, Shake Shack, and Marriott’s dual-branded Aloft & Element Hotels. The property has received the National Green Building Standard (“NGBS”) Bronze certification and a Fitwel One-Star rating.
“We are pleased to have worked alongside a best-in-class partner like Crescent Communities to add value to the Tampa community through this development,” said Chris Lackett, portfolio manager for PGIM Real Estate’s U.S. value-add strategy. “As the country emerges from the COVID-19 pandemic, we have seen growing demand for multifamily properties, especially in high-growth markets like Tampa. Alongside Crescent Communities, we delivered an incredible asset in a unique mixed-use setting that enabled the partnership to capitalize on that momentum.”
“Our successful partnership with Crescent Communities on their stellar development of NOVEL helped lay the foundation for Tampa’s first mixed-use urban environment,” said Nick Haines, CEO of Bromley Companies and master developer. “We welcome CBRE Investment Management to Midtown Tampa as we continue to grow this thriving live, work, play district together.”
Within the community, residents have access to exclusive amenities and spaces designed to entertain, including a resort-style pool with sun shelf, cabanas, grilling and drink stations; an air-conditioned pool lounge with shuffleboard, TVs, seating and bar; a fully equipped fitness center with yoga and spin rooms; coworking spaces and more. Imagery of NOVEL Midtown Tampa is available HERE.
“NOVEL Midtown is a best-in-class residential asset that is uniquely positioned to benefit from the placemaking of a dynamic master-planned development. Tampa is one of the top-performing metros in Florida and has been a target market for investment activity for CBRE Investment Management. We believe that our expertise as an investor-operator will further benefit and enhance the appeal of the asset and the larger mixed-use project,” said Daniel Casey, Director, CBRE Investment Management Residential Transaction Team.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.