December 7, 2020

LEM Capital Acquires Tampa, FL Property

LEM Capital Acquires Tampa, FL Property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Century Cross Creek (the “Property”), a 297-unit apartment community that was built in 2008 and 2014. The Property, which was re-branded Parq at Cross Creek, is located in the fast-growing New Tampa/Tampa Palms submarket. LEM plans to execute a comprehensive value-add business plan to upgrade the Property’s interiors, exteriors, and amenities. The Property was acquired in partnership with a repeat local operating partner.

The New Tampa/Tampa Palms submarket is a suburban area in the northeast quadrant of the Tampa Bay Metro area that has rapidly transformed over the past two decades. The area is known for its many master-planned mixed-use communities, golf courses, parks and retail centers. The location is proximate to Interstate 75, via Bruce B. Downs Boulevard or Morris Bridge Road, which provides connectivity to over 17.7 million sf of corporate office space, all within a 12-mile radius.

Parq at Cross Creek features generous apartment floor plans, with 9-foot ceiling and modern, open kitchen layouts. Additionally, units have extra-large screened-in porches, which is a unique feature in the market. LEM believes that there is an opportunity to substantially upgrade interiors to create best in class units. The business plan also includes a comprehensive exterior and amenity renovation to dramatically expand the clubhouse facility, improve the exterior curb appeal and overall entrance experience, create a resort style pool deck, and improve landscaping throughout the Property.

“We are excited about the opportunity to acquire a well-built property in a desirable and dynamic submarket of Tampa,” said Allison Bradshaw, a Managing Director at LEM. “The Property’s operations have held up well throughout 2020, proving the resiliency of the Tampa MSA. We anticipate that the market will likely continue to benefit from in-migration and favorable employment drivers, which should help support demand for the post-renovated product at Parq at Cross Creek.”