Beachfront Tampa Community Trades for $73M

The 400-unit property was 94.8 percent occupied at the time of the transaction.
Tapestry Citrus Park in Tampa, Fla.

Tapestry Citrus Park in Tampa, Fla.

Tampa, Fla.—Glenmont Capital Management LLC and Arlington Properties recently announced the $73 million sale of Tapestry at Citrus Park, a 400-unit Class A apartment community located in the North Hillsborough submarket of Tampa. Patrick Dufour, executive managing director of ARA Newmark, represented the seller. The property was acquired by an undisclosed institutional operator.

Located at 12780 Olive Jones Road on a 60-acre site, Tapestry at Citrus Park was developed in 2015 by a joint venture between Glenmont and Arlington Properties. The asset offers one-, two- and three-bedroom units with an average size of 1,005 square feet, each featuring private entrances, nine-foot ceilings, designer plank flooring, walk-in closets and granite countertops.

Amenities include two beachfront-entry pools, a clubhouse, lounge, business center and dog park. The asset is situated on the southeast corner of Veteran’s Expressway and Gunn Highway, in close proximity to shopping and dining venues, beaches, the Westshore Business District, Tampa International Airport and downtown Tampa.

According to Yardi Matrix data, the occupancy rate was 94.8 percent at the time of the transaction. The seller placed a construction loan in 2013 in the amount of $39.4 million through Regions Bank.

“The project is representative of Glenmont’s ongoing 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,” said Lawrence Kestin, management principal of Glenmont, in a prepared statement.

Image courtesy of Yardi Matrix