TAMPA, FLA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Henley Tampa Palms, a 315-unit community located at 15350 Amberly Drive in Tampa. 29th Street Capital sold the property to CRC for $82 million. Berkadia represented the seller in the deal. CRC purchased Henley Tampa Palms on behalf of one of its sponsored private equity funds called Value-Add Multifamily I LP.
Built in 1997, Henley Tampa Palms offers a mix of one-, two- and three-bedroom apartments averaging 1,375 square feet in size. Amenities include a clubhouse, fitness center with indoor racquetball court, conference room, laundry room, package retrieval system, pool, picnic area, dog park and a car wash. The asset was 94 percent occupied at the time of sale.
CRC plans to implement a multi-year property improvement strategy at the community to enhance the exterior curb appeal, address exterior deferred maintenance and upgrade the common area amenities and unit interiors. The previous owner recently completed interior upgrades to roughly 25 percent of the units.