Glenmont Capital Management and Arlington Properties has closed on the disposition of the Tapestry at Citrus Park apartment complex in the North Hillsborough submarket of Tampa. Changing hands for $73 million or $182,500 per unit, the 400 unit property was built in 2015. Located on a 60-acre land site at 12780 Olive Jones Road, the asset sits in the southeast corner of Veteran’s Expressway and Gunn Highway. The community’s units average 1,005 square feet and feature two beachfront-entry pools, fitness studio, lounge, and a business center. The scheme 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,” said, Lawrence A. Kestin, Glenmont Capital Management. “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.”
