NEW YORK--(BUSINESS WIRE)--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 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.
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 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. 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 14 states and has developed or rehabilitated over 26,000 multifamily units since its formation. www.arlingtonproperties.net