TAMPA, FL - Glenmont Capital Management, a New York-based real estate investment firm led by Managing Principal, Lawrence A. Kestin, and Arlington Properties, a Birmingham-based apartment company led by Jim Dixon, announced the acquisition of a 14-acre assemblage at 6835 Gunn Highway in the North Hillsborough submarket of Tampa for the development of Canopy at Citrus Park, a 318-unit Class-A apartment community.
The planned development follows the success of Glenmont and Arlington’s development of Tapestry at Citrus Park, a recently constructed, leased-up, and sold 400-unit Class-A apartment community located in the same North Hillsborough submarket.
The property acquired is situated at the northeast corner of Gunn Highway and Veteran’s Expressway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport, and Downtown Tampa. Canopy at Citrus Park’s units will average 993 square feet and benefit from a best-in-class amenity package that will cater to young professionals, families, and corporate relocations.
Construction is expected to begin in Q1 of 2017, with first move-ins scheduled for 12 months thereafter. Canopy at Citrus Park will represent the twelfth multifamily project undertaken by Glenmont and Arlington together, dating back to 2002.
“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, Glenmont and Arlington recently announced the sale of Tapestry at Citrus Park to an institutional owner/operator following a successful lease-up.