GLENMONT INVESTS IN MULTIFAMILY DEVELOPMENT AND ADDS TO ITS INVESTMENT TEAM
Glenmont Capital Management, LLC., a New York based real estate investment firm led by Managing Principal Lawrence A. Kestin, announced the closing of its second investment in the Greenville, South Carolina market, a $33.5 million development project that will contain 262 best-in-class apartments catering to the city’s rapidly expanding renter base. With this investment Glenmont will seek to build upon its recent success in the market, having completed the $36 million sale of its 222-unit development project known Tapestry at Hollingsworth Park in late 2014.
Glenmont's investment in Greenville follows its recently announced investment in a $64 million mixed used development project in the Astoria neighborhood of Queens, a burgeoning New York City submarket that has witnessed a substantial growth in both demand and rental rates in recent years. When completed in 2017, Glenmont's Astoria investment will contain 114 luxury apartment units, 22,925 square feet of commercial and retail space, and 133 subterranean parking spaces.
Each of Glenmont's investments is indicative of its opportunistic approach toward middle market real estate investments in the United States, whereby it seeks to generate highly attractive risk adjusted returns that are driven by value creation at the asset level and less reliant upon macroeconomic growth. Glenmont's current investment pipeline includes a number of attractive opportunistic and value add repositioning projects in the student housing, senior living, hotel, retail and office sectors in growth markets throughout the United States.
Mr. Kestin also announced recent additions and promotions within the Glenmont investment team.
Daniel Bartolini, who has been involved in all aspects of Glenmont's business for the previous six years, has been promoted to Principal effective January 2015. Mr. Bartolini will source and execute new investment opportunities for Glenmont and will also manage the firm's financial reporting and administration. In addition, Mr. Bartolini will work closely with Lawrence Urman, Senior Vice President & General Counsel, on asset management activities for Glenmont's portfolio.
Craig Medwick joined Glenmont as Prinicipal in May 2015. Previously, Mr. Medwick was a Senior Partner at leading international law firm Clifford Chance where he was a member of the firm's global management committee and managing partner of its Americas region. Mr. Medwick brings years of real estate investment experience to the firm, having led Clifford Chance's market leading real estate private equity funds and investments practice. Mr. Medwick had been involved with Glenmont as an advisor since the firm's inception in 1999.
Bradley Guz joined Glenmont as an Associate in July 2015. Mr. Guz joined from Grosvenor America's San Francisco office where he focused on multifamily and condominium investments on the West Coast. Prior to Grosvenor, Mr. Guz worked as an investment banking analyst in JLL's hospitality group.
For more information, contact Lawrence Kestin at email@example.com or 212-582-2500.