Greenville, S.C. development, Velo Verdae, purchased for $48.5m
JLL Capital Markets completes the sale for Arlington Properties and Glenmont Capital.
GREENVILLE, S.C., Oct. 25, 2018 – JLL Capital Markets experts Andrea Howard and Jim Sewell completed the sale of Greenville, South Carolina multifamily community Velo Verdae for $48.5 million. Representing Arlington Properties and Glenmont Capital, JLL sold the 262-unit Class AA apartment community to the buyer, Nashville, Tennessee-based real estate investment firm Nicol Investment Company, LLC.
Located 10 minutes from downtown Greenville, Velo Verdae is situated within a three-mile radius of the region’s leading industries, while offering beautifully finished apartments with more affordable rents than comparable units in downtown Greenville.
As JLL’s Howard explains, “Velo Verdae provides a rare opportunity for the new owners to acquire a Class AA community in a rapidly growing submarket. It provides convenient access to downtown Greenville and the future extension of the city’s popular greenway amenity, the Swamp Rabbit Trail. The investment is uniquely positioned to capitalize on the recent trend toward “trail-oriented” development, delivering strong returns in the years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com