Glenmont Adds Two Student Housing Assets to Its Portfolio

NEW YORK–(BUSINESS WIRE)–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, www.cloverapartmentsnd.com,
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.”

Glenmont Capital Management, LLC, www.glenmontcapital.com,
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 manages a series of closed-end,
institutionally-backed investment funds and direct investments seeking
both value-add and opportunistic returns in distressed and
underperforming real estate, select development opportunities, and
non-performing loans. To date, Glenmont has acquired in excess of $1.8
billion in assets that includes a diverse mix of multifamily, student
housing, seniors housing, hotels, industrial, retail, and select
residential developments, with its current focus being on the strong
residential opportunities available in today’s market, including
market-rate, student and seniors housing.

Peak Campus, www.peakcampus.com,
operating through a group of affiliated companies, is an
institutional-grade property management and development company based in
Atlanta, Georgia, focused exclusively on the student housing industry.
The companies’ experienced professionals offer an unmatched ability to
execute on strategies consistent with the goals and long-term investment
strategies of its partners. The companies have developed over 15,000
beds of purpose-built student housing, and currently manage over 47,000
beds, with a combined valuation of more than $2.6 billion for investors
nationwide, making them the second largest private operator in the
United States.

Contacts

Glenmont Capital Management, LLC
Lawrence A. Kestin, 212-582-2500
lkestin@glenmontcapital.com