GLENMONT ACQUIRES SECOND MULTIFAMILY SITE IN CHARLOTTE

GLENMONT ACQUIRES SECOND MULTIFAMILY SITE IN CHARLOTTE

New York, New York – Glenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal Lawrence A. Kestin, and Arlington Properties, Inc., a Birmingham-based real estate development firm led by Jim Dixon, announced the acquisition of a 12-acre site in the transit-oriented development region of the Lower South End submarket community of Charlotte, North Carolina, for the development of Tapestry Tyvola, a 297-unit Class-A apartment community. The planned development follows the success of Glenmont and Arlington’s development of Tapestry at University City, Charlotte, NC, a 352-unit Class A apartment community.

The property is in the preeminent submarket of Charlotte which is located three miles due west from the highly affluent SouthPark neighborhood and approximately seven miles from the heart of the “Uptown” Charlotte CBD. The site is highly desirable in that it is situated 1,000 feet from a LYNX Blue Line light rail station (Tyvola Station), facilitating access to South End and Uptown. South End remains the hot spot in Charlotte for development with 3.6 million square feet of office space and an additional 2.5 million square feet of office planned or currently under construction, resulting in a 346% population increase in South End since 2010.

Construction will begin in Q2 2021, with move-ins scheduled to begin 12 months thereafter. Tapestry Tyvola will represent the fifteenth multifamily project by Glenmont and Arlington since 2002. “Glenmont believes in the long-term prospects for Charlotte. Development opportunities in strong secondary markets like Charlotte, Greenville and Tampa provide compelling risk-adjusted returns for sophisticated investors” Mr. Kestin said. “The project is representative of Glenmont’s strategy to develop best-in-class, stabilized income-producing real estate assets, with increasing institutional support.”

About Glenmont Capital Management

Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States. Glenmont targets middle market turnaround situations and select new development investments in strong secondary cities with outstanding economic and demographic growth which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investment vehicles.

For more information about Glenmont, visit www.glenmontcapital.com

About Arlington Properties

Birmingham, Alabama-based Arlington Properties Inc. is a leader in the acquisition, development,redevelopment, and management of multifamily and mixed-use properties. Founded in 1969, the stability and longevity of the company's associates creates satisfying long-term relationships with owners, residents, and investors. Arlington currently manages over 16,000 multifamily units across 10 states and has developed or rehabilitated nearly 35,000 multifamily units since its formation.

For more information about Arlington, visit www.arlingtonproperties.net