Venture between Arlington Properties and Glenmont Capital Management Nets Sale of $69.4 Million Class-A Apartment Development in Tampa
14th Multifamily Project by Glenmont-Arlington since 2002
Arlington Properties, a Birmingham-based real estate development firm and Glenmont Capital Management, LLC, a New York-based real estate investment firm, recently announced that they had closed on the $69.4 million sale of the Canopy Apartments, a 318-unit Class-A apartment community developed by the venture in 2017. Senior Managing Director Matthew Mitchell of JLL’s Capital Markets Team in Tampa represented the venture in the sale.
“We are very pleased with the performance and sale of Canopy at Citrus Park,” said Jim Dixon, president of Arlington Properties, Inc. “I am extremely proud of the way the Arlington team performed in the development, construction and management of Canopy. The plan was well executed and that resulted in a positive outcome for our residents and investors.”
Located in the heart of Citrus Park, Canopy is situated approximately 10 minutes from Tampa’s Westshore business district. Canopy is the venture’s second successful development in Tampa and its 14th multifamily project by a Glenmont-Arlington venture, dating back to 2002.
Canopy offers floorplans from one to three bedrooms averaging 985 square feet that feature designer plank flooring, granite countertops, a stainless-steel appliance package, nine-foot ceilings, subway tile backsplashes, and contemporary cabinetry. Community features include a saltwater swimming pool with a sundeck, an outdoor pavilion with TVs, a pet park, a 24-hour fitness and yoga studio, a gaming room, and a luxurious clubhouse.
Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States. Glenmont targets middle market turnaround situations and select new development investments in strong secondary cities with outstanding economic and demographic growth which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investment vehicles. For more information about Glenmont, visit www.glenmontcapital.com