Midtown Tampa apartment property Novel sold for $236 million

Novel Midtown Tampa, the 390-unit residential elaborate enveloping much of the $1 billion blended-use growth, has been bought, developers Crescent Communities reported in a statement.

The buyer was CBRE Investment Administration, the financial commitment arm of business serious estate services agency CBRE.

The house sold earlier this thirty day period for $236.5 million, according to Hillsborough County information.

In a statement, Nick Haines, CEO of direct Midtown developers the Bromley Cos., mentioned Novel “helped lay the basis for Tampa’s to start with combined-use city surroundings.”

“We could not be prouder of Novel Midtown and the impact this local community has experienced on the larger Tampa market,” Tim Graff, Crescent’s running director for Florida, said in a assertion. “We’ve watched it increase from an notion into a thriving community in a new place district for the metropolis and truly produce on the dwell, perform, enjoy guarantee.”

Novel opened a 12 months ago at 3730 Midtown Generate, at the coronary heart of the intricate at Interstate 275 and N Dale Mabry Freeway. Original rents ran from $1,600 to $3,750.

Crescent not long ago introduced plans for two new residential communities in Tampa’s Westshore District: the 289-unit Novel Seaside Park and the 277-device Novel Independence Park.