Crescent Communities Announces the Sale of Novel Midtown Tampa to CBRE Investment Management Fund

TAMPA, FL (May 24, 2022) –  Crescent Communities is pleased to announce the sale of NOVEL Midtown Tampa to a fund sponsored by CBRE Investment Management. PGIM Real Estate was Crescent Communities’ investment partner for the development of the community, and NOVEL Midtown Tampa marked the 6th multifamily community Crescent Communities has developed in the Tampa market, with 2 more communities just recently announced and under construction.

“We could not be prouder of NOVEL Midtown and the impact this community has had on the greater Tampa market,” said Tim Graff, Managing Director for Florida for Crescent Communities. “We’ve watched it grow from an idea into a thriving community in a new destination district for the city and really deliver on the live, work, play promise. We look forward to its continued growth as CBRE Investment Management incorporates it into their portfolio.”

NOVEL Midtown Tampa, located at 3730 Midtown Drive, welcomed its first residents in April 2021 and features 390 for-rent residences. In addition to the distinct style and sophisticated offerings for which NOVEL communities are known, the community is part of the larger Midtown Tampa master-planned community developed by Bromley Companies, which includes 1.8 million square feet of entertainment, office, and retail offerings anchored by a grocer, REI, True Food Kitchen, Shake Shack, and Marriott’s dual-branded Aloft & Element Hotels. The property has received the National Green Building Standard (“NGBS”) Bronze certification and a Fitwel One-Star rating.

“We are pleased to have worked alongside a best-in-class partner like Crescent Communities to add value to the Tampa community through this development,” said Chris Lackett, portfolio manager for PGIM Real Estate’s U.S. value-add strategy. “As the country emerges from the COVID-19 pandemic, we have seen growing demand for multifamily properties, especially in high-growth markets like Tampa. Alongside Crescent Communities, we delivered an incredible asset in a unique mixed-use setting that enabled the partnership to capitalize on that momentum.” 

“Our successful partnership with Crescent Communities on their stellar development of NOVEL helped lay the foundation for Tampa’s first mixed-use urban environment,” said Nick Haines, CEO of Bromley Companies and master developer. “We welcome CBRE Investment Management to Midtown Tampa as we continue to grow this thriving live, work, play district together.”

Within the community, residents have access to exclusive amenities and spaces designed to entertain, including a resort-style pool with sun shelf, cabanas, grilling and drink stations; an air- conditioned pool lounge with shuffleboard, TVs, seating, and bar; a fully equipped fitness center with yoga and spin rooms; coworking spaces, and more. Imagery of NOVEL Midtown Tampa is available HERE.

“NOVEL Midtown is a best-in-class residential asset that is uniquely positioned to benefit from the place-making of a dynamic master-planned development. Tampa is one of the top performing metros in Florida and has been a target market for investment activity for CBRE Investment Management. We believe that our expertise as an investor-operator will further benefit and enhance the appeal of the asset and the larger mixed-use project,” said Daniel Casey, Director, CBRE Investment Management Residential Transaction Team. 

This sale comes as Crescent Communities expands its footprint in Florida, recently announcing the land closings of multifamily communities such as NOVEL Beach Park and NOVEL Independence Park in Tampa, as well as RENDER Legacy Trail and HARMON Legacy Trail in South Sarasota, Crescent Communities’ suburban multifamily and build-to-rent offerings. The company also recently debuted their forthcoming industrial project AXIAL 301 Manatee in Bradenton.

Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial and life-sciences.  With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About PGIM Real Estate

PGIM Real Estate is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world* with more than US$1.4 trillion in assets under management as of September 30, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

* Prudential Financial Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.

About Bromley Companies

Founded in 1972, Bromley Companies is a national real estate development and investment company that has built a portfolio of retail, office, industrial and student housing assets. Bromley began a substantial history of investing in the Tampa region more than 30 years ago. Today, the company boasts a $1M portfolio, managing more than 5M square feet of space with 95% occupancy. As the master developer of Midtown Tampa, the firm has created an entirely new live, work, play destination district in the region.

The leadership team is involved with the Westshore Alliance, Tampa Bay Economic Development Council and numerous civic and charitable locations. To learn more about Bromley Companies, visit bromco.com.

About Midtown Tampa

On 23 acres, the massive, $1 billion, award-winning Midtown Tampa is the first mixed-use community of its kind in Tampa, and the catalyst for an entirely new district connecting Westshore and Downtown. For more information about Midtown Tampa, visit midtowntampa.com.