CP Capital Sells NOVEL Independence Park in Tampa, Florida, Highlights Active Portfolio Performance
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9:28 AM on Thursday, January 22
The Associated Press
NEW YORK--(BUSINESS WIRE)--Jan 22, 2026--
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.
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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.
With over 35 years of experience, CP Capital excels as a capital partner and manager of multifamily investments. The firm tailors its investment strategies to market cycles and favorable supply-demand fundamentals, offering solutions across the risk spectrum. By leveraging longstanding relationships, CP Capital invests in supply-constrained markets with attractive margins between in-going yields and exit cap rates. The firm’s focus often includes “attainable luxury” developments and value-add acquisitions in high-growth suburban areas, where proposed rents target a broad range of potential residents.
About CP Capital
CP Capital is a highly disciplined U.S. real estate investment manager focused on the multifamily sector. Founded in 1989, the firm has invested in nearly $16 billion of U.S. real estate on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 residential units and 21 million square feet of commercial space. In-house capabilities of CP Capital also include asset and construction management, capital markets, reporting, and tax structuring expertise. Through its consistent participation in the market over the past three decades, the firm has developed deep relationships across the real estate industry. CP Capital’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in growth markets throughout the U.S., which has resulted in a strong track record of over 240 realized multifamily fund investments as of December 31, 2025.
Visit cpcapitalus.com for more information.
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CONTACT: MEDIA CONTACT:
Joanna Heidt
CP Capital
KEYWORD: FLORIDA NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY URBAN PLANNING REIT
SOURCE: CP Capital
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PUB: 01/22/2026 09:28 AM/DISC: 01/22/2026 09:28 AM
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