Continental Realty Corporation has acquired an apartment community for $82 million — a move that expands its recent acquisition activity and grows its Tampa portfolio.
First delivered in 1997, Henley Tampa Palms features 315 units. The property consists of a garden-style community with 53 two-story buildings. The options feature a mix of one, two, and three bedrooms, ranging from 941 and 1,671 square feet in size. The average of 1,375 square feet is the largest available floorplan in Tampa Palms, according to Continental. As of the time of the deal, Henley Tampa was 94 percent leased.
Some offerings in the two-story apartment community include 10-foot ceiling highs, island kitchens, wood flooring, Roman soaking tubs, fireplaces, bay windows, and white applicants. In addition, amenities including a clubhouse, a fitness center, dining rooms, mudrooms, laundry areas, a swimming pool, a dog park, a car wash, a conference room, and a racquetball court can all be found at the site.
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Also, the community is adjacent to trails including Hampton Park, Amberly Park, and Compton Park — with Flatwoods Wilderness Park close to Henley Tampa too.
Plus, Continental is planning on making renovations after the purchase to the interiors, amenities, as well as making a deferred maintenance investment.
“Henley Tampa Palms provides the unique opportunity to acquire a highly-differentiated asset substantially below replacement cost to unlock the upside potential of a strategically-located multifamily community with a clear value-add strategy,” Ari Abramson, vice president of acquisitions at Continental, said in a statement.
"Our nearby Grand Reserve at Tampa Palms community is among the top-performing assets in CRC’s portfolio, and we have a deep understanding of and extensive relationships in the greater Tampa area which we intend to leverage in our improvement plan. This will be coupled with the use of our in-house data analytics team and best-in-class asset management capabilities."
While Florida landlords in multifamily have been hard-hit by high supply — finally the demand is starting to catch up. According to a RealPage analysis, 77,600 units became available, with demand reaching almost 68,000 in the third quarter. Tampa ranks high among the top regions in The Sunshine State for inventory growth.
The latest acquisition was the first one under Continental's Value-Add Multifamily Fund I, LP, which targets opportunities in the Southeast's high-growth markets. The Baltimore-based firm's other Tampa property is located within three miles and is called Grand Reserve at Tampa Palms, which features 390 units.
Additionally, in November, Continental purchased a Maryland 258-unit multifamily community for $86.5 million. The company now operates 10,000 apartments in the Southeast and Mid-Atlantic.
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