Apartment developer pays $21 million for Westshore office park land
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 27, 2023

A second apartment complex is coming soon to Independence Park, a suburban office campus on the fringes of the Westshore business district.

Northwood Ravin, an apartment developer based in Charlotte, North Carolina, paid $21 million for 16.75 acres in Independence Park in a deal that closed Nov. 15, according to Hillsborough County property records. In August, Northwood Ravin filed plans with the city for a 385-unit apartment complex on 9.26 acres in Independence Park.

David Ravin, president and CEO of Northwood Ravin, confirmed the acreage of the site to the Tampa Bay Business Journal on Monday.

The Northwood Ravin complex will wrap around the retention pond on the property, with frontage along Memorial Highway and Independence Parkway. It is across Independence Parkway from Rocky Point Golf Course.

Of its 385 units, the majority, or 151, will have two bedrooms. The complex will also have 57 studio units, 133 one-bedroom units, 33 three-bedroom units and 11 townhouses.

The seller was Highwoods Properties Inc., one of Tampa's largest corporate landlords. The property Northwood Ravin acquired was Highwoods' last remaining portion of Independence Park. Earlier this year, Highwoods sold office building One Independence Park to a Virginia investor.

Highwoods also provided a $19 million mortgage for the transaction, property records show.

Apartment developer Crescent Communities previously acquired the vacant land east of the office complex from Highwoods. Crescent is building Novel Independence Park on that property.

A Highwoods spokesperson declined comment Monday.