Crescent Sells Newly Opened Apartment Property in Tampa to Nicol Investment for $80M

TAMPA, FLA. — Crescent Communities has sold Crescent Westshore, a 374-unit apartment community that Crescent opened in September 2016 at 2202 N. Lois Ave. in Tampa’s Westshore district. Crescent sold the asset to Nashville-based Nicol Investment Co. for $80 million. Nicol Investment has retained Greystar to manage the property, which is still in lease-up and was 50 percent occupied at the time of sale. The new ownership will also rebrand the property later this year. CBRE’s Tampa office represented Crescent Communities in the sale. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.