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| Canopy Apartments, 4400 SW 20th Avenue, Gainesville, FL |
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| Manny de Zárraga. |
CHICAGO, IL – HFF announced today that it has closed the
sale of and arranged financing for Canopy Apartments, a
240-unit/770-bed, Class A student housing community serving The University of
Florida in Gainesville, Florida.
HFF marketed the property on behalf of the seller, a joint
venture between Glenmont Capital Management, LLC and Arlington Properties. The Preiss Company purchased the asset for
$36.25 million.
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| Brian Kelly |
HFF also secured a
$26.4 million, 12-year, 4.5 percent, fixed-rate loan on behalf of the buyer
through M&T Realty Capital Corporation (FNMA). Proceeds were used to
acquire the property.
Canopy Apartments is located at 4400 SW 20th Avenue
near the intersection of SW 43rd Street in Gainesville.
Completed in 2009, the property has five three-story
residential buildings with two-, three- and four-bedroom floor plans.
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| Timothy Joyce |
Each unit has granite countertops, stainless steel
appliances, nine-foot ceilings, full-size washers and dryers, 42-inch plasma
televisions and private bathrooms for each bedroom.
Community amenities include a resort-style pool, bar and
grilling area, fitness center, clubhouse with gaming area, indoor basketball
court, two sand volleyball courts,
virtual golf course, tanning beds and cyber center. Canopy Apartments is 95 percent occupied.
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| Stephen Skok |
The HFF investment sales team representing Glenmont Capital
Management, LLC and Arlington Properties was led by managing director Brian
Kelly and senior managing director Manny de Zárraga.
HFF’s debt placement team representing The Preiss Company
was led by managing directors Timothy Joyce and Stephen Skok and
director Elliott Throne.
Founded in 2000 by Lawrence A. Kestin, Glenmont
Capital Management, LLC (“Glenmont”) is a New York-based real estate private
equity fund manager focused on real estate investments throughout the United
States.
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| Elliott Throne |
Glenmont manages a
series of closed-end, institutionally backed investment funds seeking both
value-add and opportunistic investments in distressed and under-performing real
estate, select development opportunities, non-performing loans and real estate
operating companies.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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