29SC Acquires Two Multifamily Properties for $112 Million in Tampa Bay Area

16 September 2021
Henley Tampa Palms

Tampa and Clearwater, Fla. – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired two apartment communities totaling 503 units in Tampa and Clearwater, Florida for the total sale price of $112 million. The purchase of Henley Tampa Palms and Enclave at Northwood marks the firm’s eight and ninth multifamily acquisitions in the state of Florida, totaling more than 1,200 units in the market.

Both assets are located in the Greater Tampa Bay area, approximately 15 to 20 miles from Downtown Tampa. Henley Tampa Palms is a 315-unit property, built in 1997 as a for-sale condo community, located in the desirable Tampa Palms master-planned community. Enclave at Northwood is a 188-unit, 1984-vintage property, located in the Northwood neighborhood of Clearwater.  

29SC’s capital improvement plan includes renovating unit interiors, adding upgraded countertops, stainless steel appliances, modern backsplashes, new flooring, updated lighting and in-unit washer/dryers. The firm also plans to improve the clubhouse, amenities and curb appeal at both assets. 

29SC’s in-house property management group, Haven Residential, will oversee the management and leasing for both communities. 

“The Tampa Metro area has transitioned to a diverse economy with employment opportunities in finance, healthcare, technology and national defense,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for the Southeast region. “These assets are well positioned in areas of high job and population growth with very little new supply in the pipeline. The large floorplans and low density are ideal for prospects looking for space and the ability to work from home.”

Henley Tampa Palms is two miles northeast of Tampa’s 19-square-mile Innovation District. This multi-jurisdictional area is anchored by the University of South Florida (USF) with more than 50,000 students; Tampa’s University Mall, which is undergoing a $1 billion redevelopment; and three major hospitals that are in the process of major expansion with a collective budget of over $800 million.  

Enclave at Northwood is perfectly situated 30 minutes from Clearwater Beach, which is consistently ranked among the top beaches in the country. Additionally, it neighbors Lake Chautauqua, Enterprise Dog Park and Countryside Mall. 

“These properties are irreplaceable and ideally located near desirable employers, travel destinations and entertainment hubs,” said Christopher Steiner, 29SC’s Vice President of Acquisitions in Florida. “The highly sought-after neighborhoods of Tampa Palms and Clearwater, coupled with a projected population growth of 3.5% in 2021, make for an excellent investment opportunity.”

The sale of both properties closed on Wednesday, September 15, 2021.

In the last year, 29SC has acquired over 20 conventional multifamily assets and over 4,500 units throughout the U.S. The firm continues to actively pursue additional opportunities.

Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on the acquisition and development of multifamily assets. Its current portfolio consists of more than 17,000 existing units and a new construction pipeline of over 3,500 units, having acquired over 25,000 units across its 17 offices in the U.S. Learn more about 29SC at www.29thstreetcapital.com.

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