GLENMONT AND ARLINGTON SELL CLASS-A APARTMENT DEVELOPMENT IN GREENVILLE FOR $48 MILLION

GLENMONT AND ARLINGTON SELL CLASS-A APARTMENT DEVELOPMENT IN GREENVILLE FOR $48 MILLION

New York, New York – A venture comprised of 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 closing of its $48 million sale of Velo Verdae, a 262-unit Class-A apartment community developed in 2015 by the venture. Senior Vice President Andrea Howard of JLL’s Southeast Multifamily Team in Charlotte represented the venture in the sale.

Located on a 26.5-acre site in the prestigious Verdae master-planned development, Velo Verdae is situated among 450,000 square feet of office space, 235,000 square feet of retail space and over 200 businesses. The property is also conveniently located in close proximity to suburban employment nodes and is approximately five miles from Downtown Greenville. Velo Verdae is the venture’s second successful development in the Verdae master-planned development.

Velo Verdae’s one-, two- and three-bedroom units average 1,080 square feet and feature natural oak styled plank flooring, granite countertops, a stainless steel appliance package, nine foot ceilings with fans in living rooms, oversized outdoor areas, white subway tile backsplashes in kitchens, a designer lighting package and contemporary cabinetry. Community features include a business center with iMac computers, a resort-style swimming pool with a sundeck, direct access garages and detached garages, a fire pit and gaming lawn, an outdoor pavilion with summer kitchen, community grill stations, a pet spa and pet park with agility course, a bike repair station and bike lockers, a 24-hour fitness studio with virtual spin and yoga, a sports pub and gaming room, and a luxurious clubhouse.

Velo Verdae represents the twelfth multifamily project successfully completed by a Glenmont-Arlington venture, dating back to 2002.

"Glenmont continues to believe select investments in domestic real estate development opportunities, especially in strong secondary markets such as Greenville, provide compelling risk-adjusted opportunistic returns for sophisticated investors,” Mr. Kestin said. “The project and the market are representative of Glenmont’s ongoing strategy to develop best-in-class, stabilized income-producing real estate assets, taking advantage of monetization opportunities from the growing institutional demand for these investments."

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 development opportunities in strong secondary cities with outstanding economic and demographic growth underscored by government support for business, local demand drivers, and strong educational systems, which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investments seeking both value-add and opportunistic returns predominately in the hospitality, market-rate multifamily, student housing and seniors housing sectors.

For more information about Glenmont, please 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 15,000 multifamily units across 10 states and has developed or rehabilitated nearly 30,000 multifamily units since its formation.

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