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The Real Deal Miami

Tampa rental property commands $182,500 per unit

ARA Newmark and NGKF represented the seller, who got $73 million for the 400-unit property
March 05, 2017 11:00AM

The Tapestry Citrus Park apartment complex in Tampa

Brokerage firm ARA Newmark announced the sale of a gated apartment complex in Tampa for $73 million or $182,500 per unit.

The 400-unit apartment complex, called Tapestry Citrus Park, is located at 12780 Olive Jones Road in Tampa, close to the city’s downtown area and its Westshore Business District as well as Tampa International Airport.

The seller is a partnership between the rental property’s developer, Alabama-based Arlington Properties, and an investment vehicle sponsored by Glenmont Capital Management, a New York-based private equity fund that invests mainly in multifamily properties, hotels and housing for students and senior citizens.

Glenmont Capital and Arlington Properties acquired the land for Tapestry Citrus Park in late 2013 and completed the construction and lease-up of the apartment complex in 2015 and 2016.

Patrick Dufour, executive managing director of ARA Newmark, and Scott Ramey, a director of ARA Newmark, represented the seller together with Matthew Williams, a senior managing director of NGKF Capital Markets.

The new owner of Tapestry Citrus Park is Uniondale, New York-based Brookview Realty Group LLC, led by its president, David Ostreicher.

The Tampa rental property has one-, two- and three-bedroom units that average 1,005 square feet. The units have private entrances, nine-foot ceilings, plank flooring, walk-in closets, and kitchens with granite counter tops, stainless steel appliances and islands with breakfast bars. Common-area amenities include two pools, a fitness studio with virtual spin and yoga classes, a sports pub with billiards and poker tables; a business center and a dog park.