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 19-acre site in the Verdae master-planned community of Greenville, South Carolina, for the development of Verdae III, a 276-unit Class-A apartment community. The planned development follows the success of Glenmont and Arlingtons development of Velo Verdae, a 262-unit Class A apartment immediately adjacent to the new site which was recently sold.
The property acquired in Verdae offers unparalleled convenience and is situated along two major roads, less than five miles from downtown Greenville. Verdae III will offer unit sizes, features, and amenities not feasible in Downtown Greenville, while maintaining a significant rent discount to Class-A product Downtown. Furthermore, the popular Swamp Rabbit Trail multimodal path is being extended and will run immediately adjacent to Verdae III, benefitting residents with direct access.
Construction will begin in Q1 2019, with move-ins scheduled to begin 12 months thereafter. Verdae III will represent the thirteenth multifamily project by Glenmont and Arlington since 2002.
Glenmont believes in the long-term prospects for Greenville. Development opportunities in strong secondary markets like it provide compelling risk-adjusted returns for sophisticated investors, Mr. Kestin said. The project is representative of Glenmonts strategy to develop best-in-class, stabilized income-producing real estate assets, with increasing institutional support.
About Glenmont Capital Management
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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 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, visit www.arlingtonproperties.net
Lawrence Kestin, Managing Principal