CP Capital, a real estate manager focused on multifamily investments, has partnered with developer Crescent Communities to bring a 277-unit community to Tampa, Florida.
The joint venture expects to break ground on NOVEL Independence Park this month, with the first units delivered in the third quarter of 2023 and construction completed in early 2024.
Located in Tampa’s fast-growing Westshore Business District, the community will be part of Independence Park, a 44-acre, mixed-use site that was recently rezoned to accommodate the multifamily development as well as future phases of office, retail, and townhomes.
“Tampa’s rental housing market has experienced tremendous growth over the last year as the city’s economy continues to expand and add vital jobs,” said Jeremy Katz, co-head of CP Capital, formerly known as HQ Capital Real Estate. “We look forward to continuing our partnership with Crescent Communities to provide a premier residential experience within the thriving Westshore Business District.”
NOVEL Independence Park will feature Class A interior finishes, such as stainless steel appliances, stone surface countertops, and vinyl wood flooring. Residents also will have access to a fitness center, a resort-style swimming pool, a rooftop lounge, a dog park, a nature trail, and detached garages.
“NOVEL Independence Park offers a unique urban experience, with exceptional convenience to employment, retail, and recreational amenities in the center of Tampa. Despite this central location, our goal is to provide a differentiated, relaxed, and rejuvenating environment for our residents that fosters comfortable living,” said Tim Graff, managing director of Florida for Crescent Communities’ multifamily business. “The larger transformation of Independence Park that is currently underway is going to make this location, and NOVEL Independence Park, a welcome addition to Tampa. We are thrilled to be part of the resurgence and look forward to filling an unmet housing need.”
Truist provided construction financing for the development. Additional partners include general contractor CBG Construction, architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates, and interior designer Vignette Interior Design.
In addition, CP Capital and Crescent Communities recently partnered to develop RENDER Covington, a 315-unit multifamily community in Covington, Georgia.
