TAMPA, FL – Robbins Property Associates, a vertically integrated multi-family owner, has teamed up with a repeat private equity limited partner to acquire Century Cross Creek. The extensive complex with 297 units was completed in 2008 and 2014. The property, renamed The Parq at Cross Creek, is located in the fast-growing New Tampa / Tampa Palms submarket.
The property is centrally located with easy access to Interstate 75 via Morris Bridge Road or Bruce B. Downs Boulevard, which provides access to more than 17.7 million square feet of office space within a twelve mile radius. The area has a high proportion of healthcare, finance, and education jobs, including USAA, Coca-Cola, several hospitals, and the University of South Florida.
"New Tampa / Tampa Palms is a dynamic submarket that has changed rapidly over the past two decades and continues to experience rapid population and employment growth," said Neal Herman, managing director of investments at RPA. "The property is well built and as evidence of the Tampa MSA's resilience, the property has maintained strong collections and occupancy in 2020."
The Parq at Cross Creek has spacious floor plans, open kitchen layouts, 9 foot ceilings, and expansive screened porches. RPA's comprehensive value-added program includes upgrading the interior fittings of the units with slim quartz worktops, modern tile back walls, device packages made of stainless steel and wooden floorboards.
By modernizing the communal facilities, the clubhouse and leasing center as well as an expanded, state-of-the-art fitness center that is open around the clock will be completely renovated and expanded. Additionally, RPA will modernize the resort-style pool with a screened patio lounge and summer kitchen.
"Tenant demand for high quality, garden-style apartments in the New Tampa area is strong," said Kristi King, RPA chief operating officer and principal. "The Parq at Cross Creek provides residents with the space, comfort, and convenience they have come to expect in the Tampa market. Our renovations will dramatically change the look and feel of the community and the experience of residents."
Source: Robbins Property Associates
