Canopy Apartments features 318 units.
TAMPA, FL—The Canopy Apartments community, a 318-unit development in the heart of Citrus Park has been sold for $69.4 million.
A venture of New York City-based real estate investment firm Glenmont Capital Management and Arlington Properties of Birmingham, AL sold the Class A community, which was developed in 2017 by the venture, to an undisclosed buyer.
"Glenmont believes in the long-term prospects for Tampa. Development opportunities in strong secondary markets like it provide compelling risk-adjusted returns for sophisticated investors," says Glenmont managing principal Lawrence A. Kestin said. "The project is representative of Glenmont's strategy to develop best-in-class, stabilized income-producing real estate assets, in markets with increasing institutional support."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
