Garden-style apartment community in New Tampa, with excellent access to employment along the I-75 office corridor, university submarket and downtown Tampa, is a compelling value-add investment opportunity for new owner
TAMPA, FLORIDA (November 20, 2020) – Luis Elorza, managing director, and Justin Hofford, senior associate with NorthMarq Tampa’s Investment Sales team arranged the sale of Century Cross Creek apartments to Robbins Property Associates, a Tampa and Boston-based private real estate company that owns and manages communities in Florida and Maryland.
This 297-unit, garden-style community sold on November 20 and is located at 10821 Cross Creek Boulevard in New Tampa, Florida. NorthMarq represented the seller, Centennial Holding Company, a privately held real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid Atlantic.
“We believe that Cross Creek represents a great value-add opportunity for the buyer in a high-growth market with excellent access to USF and three major medical centers,” said Elorza, “The existing capital program laid the groundwork for future renovations that will enhance the property’s position within the market.”
Built in 2008 and 2014, Century Cross Creek offers residents a desirable, low-density site plan, nine-foot ceilings, custom kitchen islands and oversized, screened-in patios. With a portion of the units partially upgraded, Century Cross Creek was marketed as an exciting value-add opportunity, which would allow for new ownership to expand on an already proven capital program.
The property is comprised of 23 percent one-bedroom, 69 percent two-bedroom and 8 percent three-bedroom units with an average unit size of 1,166 square feet. Community amenities include clubhouse and fitness center, resident lounges, Amazon Hub lockers, tennis court, grilling areas and playground, as well as pet-friendly offerings such as a dog washing station and dog park.
The community’s location offers residents an easy commute to numerous employment districts via the major transportation thoroughfares of Interstate-75 (6.6 miles), Interstate-4 (14 miles), State Road 56 (7.5 miles) and U.S. Highway 301 (9 miles). The University of South Florida, AdventHealth Tampa, James A. Haley Veterans’ Hospital and H. Lee Moffit Cancer Institute are all within a very short drive of the property. In addition, Hidden River Corporate Center (420,000 square feet of office space), Intellicenter (200,000 square feet of office space) and Tampa Oaks Office Park (269,000 square feet of office space) are all within a 10-minute drive from the property. The prime location, extensive community amenities and upgraded apartments are sure to attract tenants to this property in the years ahead.