Continental Realty's Strategic Acquisition of Henley Tampa Palms
Deal News | Nov 27, 2024 | Continental Realty Corp
Continental Realty Corporation (CRC), a Baltimore-based private equity firm specializing in real estate investment, has announced the $82 million acquisition of the Henley Tampa Palms, a significant multi-family community near Tampa, Florida. This transaction is a strategic move within the framework of CRC's Value-Add Multifamily Fund I (VAMF I), targeting growth markets in Southeast U.S. The property, previously owned by 29th Street Capital, comprises 315 units with superior design features, extensive resident amenities, and is set within a vibrant master-planned community. This acquisition is aligned with CRC’s strategy to transition the asset from a Class B to a Class A property via comprehensive renovation plans to enhance unit interiors and community amenities. Additionally, this is CRC’s second multifamily purchase in the Tampa area within the month, indicating a strong commitment to the region. The deal highlights CRC’s data-driven asset management approach and leverages local expertise to optimize investment and growth opportunities within the Floridian market.
Sectors
- Real Estate Investment
- Private Equity
Geography
- United States – The acquisition takes place in Tampa, Florida, which is part of CRC's broader strategy across multiple states in the U.S.
- Florida – The acquired property, Henley Tampa Palms, is located in Florida, highlighting the state as a key geographical focus for CRC's expansion.
- Maryland – Continental Realty Corporation is headquartered in Baltimore, Maryland, making it an important geographical point for the company.
Industry
- Real Estate Investment – The article focuses on the acquisition of a multifamily property, involving real estate investment by a private equity firm.
- Private Equity – Continental Realty Corporation functions as a private equity entity that financially supports and manages real estate investments.
Financials
- $82 million – Purchase price for Henley Tampa Palms by Continental Realty Corporation.
- $86.5 million – Purchase price earlier this month for Dartmoor Place at Oxford Square by Continental Realty Corporation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Continental Realty Corporation (CRC) | Buyer | Company | A Baltimore-based real estate investment and management company, active in 12 states with a diversified portfolio. |
| 29th Street Capital | Vendor | Company | The selling company of the Henley Tampa Palms property. |
| Berkadia Florida Investment Sales | Advisor | Company | Represented the seller in the Henley Tampa Palms transaction. |