Arlington Properties and Glenmont Capital Management, a New York-based real estate investment firm, announced the acquisition of a 12-acre site in Charlotte, North Carolina, for the development of Tapestry Tyvola, a 297-unit Class-A apartment community, scheduled for occupancy in the second quarter of 2022.

Tapestry Tyvola follows the success of another Class-A apartment community developed by the two firms in the Charlotte market, 352-unit Tapestry University City, that began construction in 2020 and is now leasing.

South End remains a hot spot in Charlotte for development with 3.6 million square feet of office space and an additional 2.5 million square feet of office space planned or currently under construction, resulting in a 346% population increase in South End since 2010. The property is in the preeminent submarket of Charlotte, three miles due west from the affluent SouthPark neighborhood and approximately seven miles from “Uptown” Charlotte. The site is highly desirable in that it is situated 1000 feet from a LYNX Blue Line light rail station (Tyvola Station), facilitating access to South End and Uptown.

Arlington Properties, Inc., headquartered in Birmingham, Ala., is a leader in the acquisition, development, redevelopment, and management of multifamily and mixed-use properties. Founded in 1969, the stability and longevity of the company’s associates creates satisfying long-term relationships with owners, residents, and investors. Arlington Properties currently manages over 16,000 multifamily units across 11 states and has developed or rehabilitated nearly 35,000 multifamily units since its formation.

Glenmont Capital Management, LLC, 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 targets middle-market turnaround situations and select new development investments in strong secondary cities with outstanding economic and demographic growth which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally backed investment funds and direct investment vehicles.