Glenmont Capital Management LLC and Arlington Properties have sold Greenville, South Carolina-based Velo Verdae, an apartment community. The buyer was not identified. The price of the transaction was $48 million.
NEW YORK–(BUSINESS WIRE)–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.”
For more information about Glenmont, please visit www.glenmontcapital.com
For more information about Arlington, please visit www.arlingtonproperties.net