TAMPA, Fla. – Feb. 7, 2017 – Crescent Communities’ Crescent Westshore, a 374-unit luxury apartment community in Tampa that opened in September 2016, has sold to Nashville-based Nicol Investment Company for $80 million.
The apartment community opened on Sept. 1, and it has experienced significant success in leasing. At the time of sale, the community was 50 percent occupied after being open for just five months.
Crescent Communities was represented by CBRE’s Tampa office in the sale. Nicol and Crescent have worked together in the past – Nicol also recently purchased Crescent’s Gateway community in Altamonte Springs, Florida, near Orlando, in late 2016.
Under Nicol’s ownership, the community will rebrand in late 2017 with a new name, but will continue to offer the same high-quality living that Crescent Westshore currently offers. Tampa-based property management company Greystar, which has managed the community since its opening, will continue to manage the property.
Located in the heart of Tampa’s Westshore district, Florida’s largest office community, Crescent Westshore has been attracting professional residents who already live and work in Westshore and want to stay in the area.
“The Westshore area has become much more than a business district over the last few years and is now a vibrant, live-work-play community,” said Jay Curran, Senior Vice President of Crescent Communities, the developer of Crescent Westshore. “We are glad to have been part of the area’s positive transformation with Crescent Westshore and we look forward to seeing this community continue to thrive under its new ownership.”
Crescent Westshore was designed for residents who enjoy a variety of luxury amenities, including an expansive two-story community living room with well-appointed areas to work or entertain, a shared indoor/outdoor summer kitchen to entertain guests, a dog run for small and large dogs, two salt water resort-style pools, and a top-of-the-line fitness center.
The community also has a one-of-a-kind 18-foot-tall sculpture in front of its welcome center with a dynamic LED-lit core called the “Budding Vortex,” which was designed by St. Petersburg artist Mark Aeling.
With 374 apartments, Crescent Westshore has studio, 1-, 2- and 3-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, 3-bedroom apartment. Each apartment comes with modern amenities, such as stainless steel appliances, quartz countertops with high-end tile backsplash, quiet-close cabinets and drawers, and full-size washers and dryers.
The community is at 2202 N. Lois Ave., near the intersection of Lois Avenue and Boy Scout Boulevard, and is walkable to numerous restaurants, shops and offices.
More information about Crescent Westshore can be found at www.CrescentWestshore.com.
About Crescent Communities
Crescent Communities, LLC is a leading real estate investment and operating firm creating long-term value by developing thoughtful, sustainable communities that improve people’s lives. Founded in 1963, Crescent’s original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The company finances, plans and develops residential, multifamily, mixed-used and commercial properties and land assets, valued in total at $1.2 billion. Crescent is recognized for its innovative approach to development, robust capital deployment, seasoned leadership team, and proven model of sustainability.
About Nicol Investment Company
Nicol Investment Company, LLC is a private family-owned real estate holding company with offices in Nashville, TN and San Diego, CA. The Company was founded in 1975, and – throughout its history – has acquired and developed a diversified portfolio of real estate holdings. Nicol focuses on acquiring and developing high-quality assets to hold for the long term. Nicol will continue seeking prime real estate investment opportunities to act as a consistent source of capital in the real estate industry.
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