Glenmont Capital Management LLC and Arlington Properties have sold Canopy Apartments, an apartment community in Florida. The sale price was $69.4 million.
NEW YORK–(BUSINESS WIRE)–A venture comprised of Glenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal Lawrence A. Kestin, and Arlington Properties, Inc., a Birmingham-based real estate development firm led by Jim Dixon, announced the closing of its $69.4 million sale of the Canopy Apartments, a 318-unit Class-A apartment community developed in 2017 by the venture. Senior Managing Director Matthew Mitchell of JLL’s Capital Markets Team in Tampa represented the venture in the sale.
Located on a 14-acre site 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 fourteenth 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 believes in the long-term prospects for Tampa. Development opportunities in strong secondary markets like it provide compelling risk-adjusted returns for sophisticated investors” Mr. 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.”
About Glenmont Capital Management
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
About Arlington Properties
Birmingham, Alabama-based Arlington Properties Inc. is a leader in the acquisition, development, redevelopment, and management of multifamily and mixed-use properties. Founded in 1969, the stability and longevity of the company’s associates creates satisfying long-term relationships with owners, residents, and investors. Arlington currently manages over 10,000 multifamily units across 10 states and has developed or rehabilitated nearly 40,000 multifamily units since its formation.
For more information about Arlington, visit www.arlingtonproperties.net