CP Capital News

Multifamily investment manager’s recent sale and active pipeline reflect positive outlook for U.S. rental market

CP Capital, a leading U.S. real estate manager specializing in multifamily investments, today announced recent portfolio milestones, including the sale of NOVEL Independence Park – a five-story, 277-unit mid-rise apartment community in Tampa, FL. In addition to this transaction, the firm reported increased activity across its portfolio, including recent investments in four target markets and continued lease-up success across multiple existing properties.

NOVEL Independence Park, completed in 2024, was developed as a joint venture with Crescent Communities, a nationally recognized investor, developer and operator of mixed-use communities. This sale, combined with CP Capital’s robust pipeline of portfolio activity, underscores the positive fundamentals of the multifamily market and highlights a growing demand for Class A rental housing in high-growth suburban markets nationwide.

“The multifamily sector has faced challenges in recent years, but we remain optimistic due to its resilience amidst economic uncertainty and the heightened levels of renter demand that should persist long after the current wave of new supply is fully absorbed,” says Jay Remillard, Executive Managing Director at CP Capital. “The sale of NOVEL Independence Park, along with significant milestones across our portfolio, reinforces our belief that the sector has entered a new era of growth. As market conditions evolve, we look forward to continuing to leverage our deep experience and long-standing industry relationships to deliver optimal returns for our investors.”

NOVEL Independence Park features studio- to three-bedroom residences with Class A interior home finishes such as stainless-steel appliances, stone surface countertops, and vinyl wood flooring. Community amenities include a fitness center, resort-style saltwater swimming pool, sky deck, pickleball court, coworking space, and dog park.

The community is a part of Independence Park, a 44-acre, mixed-use site situated in Tampa’s Westshore Business District, the epicenter of one of Florida’s largest concentrations of Class A office space – consisting of over 18 million square feet and nearly 100,000 employees.

“The sale of NOVEL Independence Park, along with ongoing activity at our assets nationwide, underscores our team’s highly effective approach to multifamily investment,” said Paul Doocy, Senior Managing Director at CP Capital. “In collaboration with our operating partners, we’re developing apartment communities that will have a positive impact by addressing the rising demand for high-end, accessible housing. The success of this transaction reflects our dedication to safeguarding our investments and transforming neighborhoods through thoughtfully designed real estate and adapting to evolving market dynamics.”.

CP Capital also announced they will be teaming up with Crescent once again to develop ‘RENDER Weddington Ridge’ – a 297-unit, garden-style multifamily development in the Charlotte suburb of Concord, North Carolina. Charlotte consistently ranks as one of the fastest-growing metropolitan areas in the nation, driven by its diverse economy and quickly expanding technology and manufacturing base.

Recent and upcoming CP Capital milestones include three additional investments in submarkets of Orlando, Nashville, and Boston. The firm also has eight properties in active lease-up in growth markets like Charleston, Nashville, Orlando, Washington, D.C., and Atlanta, where another disposition is anticipated this Spring.