Kennedy Investments is pleased to announce the sale of its Tampa Community Partners residential rental portfolio to Sterling Bay Investments, a local residential rental home operator in Tampa. The portfolio will henceforth be known as Heights Historic Homes, LLC and it will continue to provide affordable, attractive homes for sale and rent to the community.
During the Great Recession, Kennedy Investments partnered with Revest, a Toronto-based real asset manangement firm, to form Tampa Community Partners. Led by Darren Wilson of Kennedy Investments, TCP’s mission was to acquire and renovate single family homes, revitalizing the “Heights” neighborhoods of Tampa while providing affordable living options to working families.
The portfolio sold at 97% of list price in November. Tampa Community Partners was represented in the sale by Zach Nolan and Matt Mitchell of HFF (Holliday Fenoglio Fowler, L.P.) in Tampa. According to Zach, the TCP portfolio sale is the largest portfolio sale of single-family homes on record in Hillsborough County.
Kennedy Investments is proud to have participated in the renaissance of Tampa’s popular Heights neighborhoods while achieving a deal IRR of more than 20% for Tampa Community Partners. For more information about Tampa Community Partners or other Kennedy Investments opportunities, please contact Darren Wilson.