Glenmont Capital, Arlington Properties Sell Apartment Community in Tampa for $73M

TAMPA, FLA. — Glenmont Capital Management LLC and Arlington Properties have sold Tapestry at Citrus Park, a 400-unit apartment community in Tampa, for $73 million. Developed in 2015 by Glenmont and Arlington, the Class A property is situated on 60 acres at 12780 Olive Jones Road in Tampa’s North Hillsborough submarket. Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, plank flooring, walk-in closets, granite countertops and stainless steel appliances. Community amenities include two beachfront-entry pools, a fitness center, lounge, business center and dog park. Patrick Dufour and Scott Ramey of ARA Newmark represented Glenmont and Arlington in the sale. Matthew Williams of Newmark Grubb Knight Frank Capital Markets arranged a four-year, $53.8 million, floating-rate acquisition loan through ARES Commercial Real Estate on behalf of the borrower, an institutional owner/operator.