Glenmont and Arlington sell apartment development in Tampa

A venture comprised of Glenmont Capital Management and Arlington Properties has sold the Canopy Apartments, a 318-unit, class A apartment community in Tampa, Fla.

The sales price was $69.4 million.

“Glenmont believes in the long-term prospects for Tampa. Development opportunities in strong secondary markets like it provide compelling risk-adjusted returns for sophisticated investors,” said Lawrence Kestin, managing principal at Glenmont Capital Management. “The project is representative of Glenmont’s strategy to develop best-in-class, stabilized, income-producing real estate assets, in markets with increasing institutional support.”

Located on a 14-acre site in the heart of Citrus Park, Canopy is situated approximately 10 minutes from Tampa’s Westshore business district.

It was developed in 2017 by the venture. Canopy is the venture’s second successful development in Tampa and 14th multifamily project by a Glenmont-Arlington venture, dating back to 2002.