TAMPA, FL - Glenmont Capital Management, 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.