GLENMONT ADDS TWO STUDENT HOUSING ASSETS TO ITS PORTFOLIO
New York, New York – Glenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal, Lawrence A. Kestin, announced the closing of its acquisition of two well- located, infill student housing communities within walking distance of the University of Notre Dame campus in South Bend, Indiana. The two-property portfolio, which totals 549 beds, will receive a comprehensive $4.1 million interior and exterior renovation designed by Glenmont to elevate the properties’ positioning within the local market. The acquisition is representative of Glenmont’s on-going strategy to focus on residential value-add acquisitions and developments, including student housing communities that are proximate to top-tier universities.
Clover Village, a 328-bed/11-acre property located one block from campus, is comprised of studio, one-, and two-bedroom apartments with amenities including a clubhouse, fitness center, swimming pool, and business center. Clover Ridge, a 221-bed/eight-acre property located three blocks from campus, is comprised of one-, two-, and three-bedroom apartments with amenities including a clubhouse, fitness center, and swimming pool.
Glenmont has retained Peak Campus to provide day-to-day leasing and management services. Peak Campus is an institutional-grade, results-oriented, third-party management company that possesses tremendous experience repositioning and operating student housing assets. “We are thrilled to be working with Peak Campus and to join the prestigious University of Notre Dame community with the acquisition and renovation of Clover Village and Clover Ridge,” Mr. Kestin said. “This investment is indicative of our opportunistic approach toward select middle-market real estate investments in the United States, whereby we seek to generate highly-attractive risk-adjusted returns driven by value creation at the asset-level.”
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