Continental Realty Buys Apartment Community in Tampa from PGIM Real Estate for $65.5M
Built in 1999 on approximately 41 acres, The Grand Reserve at Tampa Palms is a gated community comprised of 15 three-story garden buildings.
TAMPA, FLA. — Continental Realty Corp. has purchased The Grand Reserve at Tampa Palms, a 390-unit apartment community located at 16616 Palm Royal Drive in Tampa. The Baltimore-based real estate investment firm acquired the asset from PGIM Real Estate for $65.5 million on behalf of Continental Realty Fund IV LP, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. Constructed in 1999 on approximately 41 acres, The Grand Reserve is a gated community comprised of 15 three-story garden buildings that feature one-, two-, three- and four-bedroom floorplans ranging from 890 to 1,800 square feet. The property is located within the master-planned community of Tampa Palms and features a clubhouse with a health and fitness facility and resident lounge; an outdoor pool, sundeck and Jacuzzi; screened outdoor kitchen area; sand volleyball pit; lighted tennis and basketball courts and a children’s playground. Individual storage units and a car care center are also integrated within the residential community. Greg Engler, Pat Jones and Chris Chadbourne of Walker & Dunlop Investment Sales represented PGIM Real Estate in the sale.