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Tampa multifamily complex trades for $73M

 

Glenmont Capital Management, LLC, a New York-based real estate investment firm led by Lawrence A. Kestin, and Arlington Properties, a real estate development firm led by Jim Dixon, announced the closing of its $73 million sale of Tapestry at Citrus Park, a 400-unit Class-A apartment community developed in 2015 by Glenmont and Arlington.

 

Patrick Dufour of ARA Newmark in Tampa represented Glenmont and Arlington in the sale to an institutional owner/operator.

 

Located on a 60-acre land assemblage at 12780 Olive Jones Road in the North Hillsborough submarket of Tampa, Florida, Tapestry at Citrus Park sits in the southeast corner of Veteran’s Expressway and Gunn Highway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport, and Downtown Tampa.

 

Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, designer plank flooring, walk-in closets, granite countertops, and stainless steel appliances. Resort-like amenities include two beachfront-entry pools, fitness studio, lounge, business center, and dog park.

 

Tapestry at Citrus Park represents the eleventh multifamily project, dating back to 2002, successfully developed, leased, and sold by a venture comprised of Glenmont and Arlington.

 

“Glenmont continues to believe select investments in domestic real estate development opportunities provide compelling risk-adjusted opportunistic returns for sophisticated investors,” Mr. Kestin said. “The project is representative of Glenmont’s on-going strategy to develop best-in-class, stabilized income-producing real estate assets, taking advantage of monetization opportunities from the growing institutional and public demand for these investments.”

 

Further reflecting Glenmont’s strategy and following the success of Tapestry at Citrus Park, earlier this month Glenmont and Arlington closed the acquisition of 6835 Gunn Highway in Tampa, Florida, a 14-acre development site planned for a 318-unit Class-A apartment community, this first phase of which will be completed by early 2018.

 

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 strong secondary cities in the less efficient middle market with outstanding economic and demographic growth underscored by government support for business, local demand drivers, and strong educational systems which offer the best long-term prospects.

 

Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investments seeking both value-add and opportunistic returns predominately in the market-rate multifamily, student housing, seniors housing, and hospitality sectors. 

 

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 14 states and has developed or rehabilitated over 26,000 multifamily units since its formation. 

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