Newly Developed Tampa Multifamily Trades for $69M
Glenmont Capital Management and Arlington Properties sold the Class A community, which they developed in 2017, to an undisclosed buyer.
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.”
Senior Managing Director Matthew Mitchell of JLL’s Capital Markets Team in Tampa represented the venture in the sale transaction.
Located on a 14-acre site, Canopy Apartments is located approximately 10 minutes from Tampa’s Westshore business district. Canopy is the venture’s second successful development in Tampa and 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 amenities 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 clubhouse.