A venture between real estate developer Arlington Properties Inc. and real estate investment firm Glenmont Capital Management LLC sold the 262-unit Velo Verdae apartment community in Greenville, S.C., for $48 million.

The class A asset is located on a 26.5-acre site in the Verdae master-planned development, and offers one-, two- and three-bedroom units, a fitness studio and a clubhouse, among other amenities.