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Midtown Tampa apartment property Novel sold for $236 million

The 390-unit development opened in April 2021.
Novel Midtown Tampa, a 390-unit apartment complex at the heart of Midtown Tampa, has been sold to CBRE Investment Management.
Novel Midtown Tampa, a 390-unit apartment complex at the heart of Midtown Tampa, has been sold to CBRE Investment Management. [ Crescent Communities ]
Published May 24|Updated May 26

Novel Midtown Tampa, the 390-unit residential complex enveloping much of the $1 billion mixed-use development, has been sold, developers Crescent Communities said in a statement.

The buyer was CBRE Investment Management, the investment arm of commercial real estate services firm CBRE.

The property sold earlier this month for $236.5 million, according to Hillsborough County records.

In a statement, Nick Haines, CEO of lead Midtown developers the Bromley Cos., said Novel “helped lay the foundation for Tampa’s first mixed-use urban environment.”

“We could not be prouder of Novel Midtown and the impact this community has had on the greater Tampa market,” Tim Graff, Crescent’s managing director for Florida, said in a statement. “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.”

Novel opened a year ago at 3730 Midtown Drive, at the heart of the complex at Interstate 275 and N Dale Mabry Highway. Initial rents ran from $1,600 to $3,750.

Crescent recently announced plans for two new residential communities in Tampa’s Westshore District: the 289-unit Novel Beach Park and the 277-unit Novel Independence Park.

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