Crescent Communities Sells 277-Unit Multifamily Real Estate Asset in Tampa to Apollo Global Management
Crescent Communities announced the sale of NOVEL Independence Park, a 277-unit multifamily real estate community in Tampa's Westshore District, to Apollo Global Management on Jan. 15. The property opened in summer 2024 and has quickly established itself as a residential destination in the area.
The multifamily real estate asset is located minutes from International Plaza and Tampa International Airport. The community features a mix of studio, one-, two-, and three-bedroom residences across three five-story buildings.
Property Features and Amenities
NOVEL Independence Park includes contemporary finishes, stainless steel appliances, and full-size washers and dryers in each unit. The community offers resort-style amenities including a saltwater pool with cabanas, a pickleball court, a sky deck, a flex fitness studio, a state-of-the-art fitness center, indoor and outdoor coworking spaces, a pedestrian nature trail, and a shaded dog park.
"NOVEL Independence Park has been an exceptional performer for us, pairing an irreplaceable Westshore location with thoughtfully crafted, resort-inspired amenities," said Greg Minder, Central Florida Managing Director at Crescent Communities. "This sale reflects the strong demand we continue to see for well-designed communities across Tampa, and it allows us to reinvest in the next wave of multifamily growth throughout Central Florida."
Strategic Positioning in Tampa's Westshore District
The property is situated within Tampa's Westshore District, described as the city's most connected business, retail, and entertainment corridor. The transaction price was not disclosed.
Crescent Communities' Central Florida Expansion
The real estate development firm recently appointed Greg Minder to lead strategy, development, and execution across its growing multifamily presence in Tampa, Orlando, and Jacksonville. In Tampa, Crescent Communities currently operates leasing communities including RENDER Legacy Trail in Sarasota.
The transaction involved multiple parties in the seller group. Crescent Communities served as lead general partner, with CP Capital US participating as a limited partner and Truist providing senior debt financing. Apollo Global Management acquired the asset as lead general partner on the buyer side.
The sale enables Crescent Communities to recycle capital into new multifamily real estate development projects throughout Central Florida. The firm maintains an active pipeline in the region.