New Tampa apartments sell for $38.4M

TAMPA — The Gardens at Cross Creek, an apartment community just east of New Tampa near Morris Bridge Road, has a new owner.

Centennial Cross Creek LLC, a subsidiary of the $300 million Centennial Real Estate Fund IV out of Atlanta, purchased the 290-unit complex May 12 for $38.4 million, or $132,400 per unit.

The complex was built in two phases in 2008 and 2014. Brevard County developers Ben Reiter and Daniel Reiter, through their company, Canterbury Gardens LLC, purchased the land in 2005 for $4.7 million.

The location, 10821 Cross Creek Blvd., is part of the eastern expansion of the greater New Tampa area in north Hillsborough County, linking to the road that eventually becomes Fletcher Avenue to the west.

The Atlanta fund first formed last year with a minimum $1 million buy-in, according to documents filed with the U.S. Securities and Exchange Commission. It used a $30.5 million mortgage from KeyBank NA to complete the sale.