Tampa Community Commands $69M
- Oct 23, 2019
A partnership of Glenmont Capital Management and Arlington Properties Inc. has sold a 318-unit apartment community in Tampa, Fla., for $69.4 million to an undisclosed buyer. The joint venture originally acquired the site in 2017 and completed the development the following year. Matthew Mitchell of JLL’s capital markets team in Tampa represented the sellers in the deal.
Canopy Apartments is a 318-unit Class A community in the Citrus Park area of Tampa, about 14 miles northwest of downtown Tampa. Situated on 14 acres, the 10-building property houses a mix of one-, two- and three-bedroom units with an average size of 993 square feet. Tampa’s Westshore business district is close to the property as well as major thoroughfares including interstate 275. The community was completed in 2018 and is currently 94 percent occupied, per Yardi Matrix data. Glenmont and Arlington secured a $38 million construction loan in February 2017 from Regions Bank to build the community.
Apartment interiors feature designer plank flooring, granite countertops, stainless-steel appliances, nine-foot ceilings, subway tile backsplashes and contemporary cabinetry. Community amenities include a saltwater swimming pool with sundeck, outdoor pavilion, a pet park, 24-hour fitness center, gaming room and a clubhouse.
Future Florida projects
Glenmont and Arlington’s sale of Canopy Apartments is the venture’s second residential development in the Tampa area and the 14th multifamily project to date for the partnership, which began in 2002. Glenmont Managing Principal Lawrence Kestin said in a statement that his firm is bullish on secondary markets like Tampa, which have increasing institutional support.
Tampa’s multifamily market has continued to attract investors and developers, driven by population growth, job gains and a growing tech and startup scene. Every year since 2015, multifamily sales volume in Tampa has surpassed the $2 billion mark, according to a recent Yardi Matrix report.