MIAMI, FL – Trammell Crow Residential (TCR), a national multi-family real estate developer, is back in the South Florida market.

TCR is partnering with AvalonBay Communities to develop an eight-tale, 350-unit community in Doral, an upscale suburb of Miami. Demolition starts mid-July. The residential component is part of a horizontally integrated mixed-use development featuring 80,000 square feet of retail. This will be TCR’s first development in South Florida since the last real estate cycle.

“South Florida is a key market for TCR as part of our national development strategy. Miami in particular is the only right gateway city in our southeastern footprint,” said TCR Managing Director, Jim Berardinelli.

The former 139,000 square foot Atrium Office space is set for demolition in the coming weeks. Once complete, construction of the residential and retail components will start in earnest.

TCR will develop one, two, and three-bedroom homes including luxury amenities from pool decks to parks and bike paths. The joint venture with AVB is expected to be ready in 2020.

“We are tremendously excited to commence our first ground-up development deal in SE Florida and are very pleased to be partnering with TCR. The tri-county area of Miami-Dade, Broward and Palm Beach counties offer us a plethora of development opportunities and Doral is an ideal location,” said Ron Ladell, Senior Vice President of AvalonBay Communities.

“We are excited to be working in South Florida with such fantastic partners. We look forward to additional investments in the years to come,” said Berardinelli.

The project is located at the Northwest corner of NW 36th Street and NW 79th Avenue.

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WARNER ROBINS, GA – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has bought Lakeshore Pointe, a 102 patio-style unit apartment complex in the city of Warner Robins, Georgia.

Terms of the transaction were not told.

The Lakeshore Pointe community is located in Houston County, Georgia, just a few miles away from I-75, several shopping malls and indoor and outdoor entertainment. The property offers many amenities to its residents, including a newly upgraded saltwater swimming pool, updated kitchens and interiors, playgrounds and family areas.

Families are drawn to Warner Robins because it is part of Houston County known for its school system, ranked the 14th largest in the state. The city lies just outside Macon, GA and is less than a two-hour drive to larger cities including Atlanta, Athens and Savannah, GA. The population of more than 74,000 residents enjoys a vibrant community made up of six different colleges and universities, Robins Air Force Base, and many other thriving private-sector businesses. According to the Georgia Department of Labor that jobs in Houston county increased by 1,432 from August to September of last year and are on a steady incline due to the proximity to an International Airport and two ports towns in addition to less traffic and congestion, lower land costs, and a trained workforce.

Robins Air Force Base, one of the largest employers in the state, was built in 1942 when the city was founded, but has recently expanded which has attracted more residents to the area. As of this year another top employer, First Solar, announced a major project to build the largest solar facility in the southeast in a neighboring county.

In August 2017, Lexerd Capital officially launched their new brand, “The Lory” for their multifamily portfolio. This launch included a new brand, structure, logo and website. The The Lory brand is the initial step in communicating the organization’s enhanced platform and value-oriented strategy. Lexerd plans to rebrand the Lakeshore Pointe property as “The Lory of Warner Robins.”

Albert Lord III, Founder and CEO of Lexerd, said, “We are very pleased to announce the acquisition of Lakeshore Pointe. With its current occupancy rate of 98% over the last 12 months, strong fundamentals within the rental apartment market in Houston County, along with corporate and business expansion in Warner Robins, we believe this acquisition is an brilliant opportunity to increase our presence in Georgia, a target area for our firm.”

Lord added, “We are passionate about the success of our investments and our resident base, and have chose to rebrand our properties as ‘The Lory’ to benefit both. By expanding our service offering, we optimize our business, increase our geographic footprint and broaden our infrastructure.”

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