Wednesday, June 19, 2013

HFF closes $36.25 million sale of and arranges $26.4 million financing for a student housing community near The University of Florida in Gainesville, FL


Canopy Apartments, 4400 SW 20th Avenue, Gainesville, FL
 
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.

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. 
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.

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.

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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