GREENVILLE, SC—A partnership of New York City-based real estate investment firm Glenmont Capital Management, LLC and Arlington Properties, Inc. of Birmingham, AL has sold the Velo Verdae multifamily community here for $48 million.
The 262-unit Class A apartment community was developed by the venture in 2015. The companies, in a joint announcement, did not identify the new owner of the community. JLL SVP Andrea Howard of the brokerage’s Southeast multifamily team in Charlotte, NC represented the venture in the sale.
“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,” says Glenmont Capital Management managing principal Lawrence A. Kestin, “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.”
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 more than 200 businesses. The property is approximately five miles from Downtown Greenville. Velo Verdae is the venture’s second successful development in the Verdae master-planned development and represents the 12th multifamily project successfully completed by a Glenmont-Arlington venture, dating back to 2002.
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 amenities 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 clubhouse.