AUGUSTA, GA – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced today that two of its funds have bought three properties in Augusta, GA. The properties include Parker Place Apartments, Alexander Place Apartments, and Arborside Apartments, all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.”

Terms of the transaction were not told.

The city of Augusta is located in Richmond County, in the Piedmont section of Georgia. The metro Augusta area is situated in both Georgia and South Carolina, which is divided by the Savannah River. Augusta enjoys some of the lowest unemployment rates in the nation driven by Augusta’s Core “Demand Generators” known as the four M’s – Military, Manufacturing, Medical and, of course, The Masters Golf Tournament.

The top employers in Augusta include Fort Gordon, the major army base that announced a new National Cyber Security Headquarters in 2016; Augusta University; Richmond County School System and the Augusta University Health System. Private sector companies within the Augusta-Richmond County area include Textron Specialized Vehicles, such as E-Z-GO, International Paper, Covidien, Kellogg’s and many others.

Internationally, Augusta is best known for hosting The Masters golf tournament each spring. The Masters brings over 200,000 visitors from across the world to the Augusta National Golf Course. Augusta is approximately two hours east of downtown Atlanta via I-20. Parker, Alexander and Arborside are all close in proximity to Augusta National, allowing for additional revenue generation in leasing vacant units during the golf tournament.

Albert Lord III, Founder and CEO of Lexerd, said, “We are excited to grow our southeastern portfolio through these three acquisitions in Augusta. Parker, Alexander and Arborside are all well-maintained communities within the highly desirable area of West Augusta and near retail shopping, simple access to I-20 and minutes away from Augusta National. We know this market extremely well having successfully bought and sold an apartment complex minutes from these assets.”

Mr. Lord added, “We continue to search for unique investment opportunities in the greater Southeastern US, focused on achieving strong risk adjusted returns for our investors.”

Lexerd Capital recently launched their new brand, “The Lory” for all new multifamily portfolio acquisitions, starting with the “Lory of Braden River” in Bradenton, Florida. A lory is a small, brilliantly colored Australasian and Southeast Asian parrot. This launch will include a new brand, structure, logo and website. The Lory brand is the initial step in communicating the organization’s enhanced platform and value-oriented strategy.

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JACKSONVILLE, FL – Inland Real Estate Acquisitions announced that it negotiated and helped close the buy of Magnolia Village Apartments, a 168-unit multifamily property located in Jacksonville, Florida.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction, with help from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

Magnolia Village Apartments is a gated community located at 1620 Bartram Road. The property consists of six three-tale buildings with 48 one-bedroom, 96 two-bedroom and 24 three-bedroom units. Each unit features nine-foot ceilings, walk-in closets, an in-unit washer and dryer, a garden tub and a patio, screened porch or balcony. Community amenities include a clubhouse, fitness center, picnic and grilling areas and a resort-style swimming pool with a sundeck.

“Located approximately 20 minutes west of the beach, Magnolia Village Apartments’ prime location places residents near a variety of top employers and in close proximity to both Baptist Medical and St. Vincent’s Hospital,” said Cosenza. “Its high-end finishes, strong demographics and ideal location made this property an attractive buy and a prime example of the type of multifamily acquisitions we continue to seek out.”

As of August 10, 2017, the property was 96.4 percent occupied.

To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of buys including single-tenant properties, medical office buildings, retail properties and a total of more than $4.6 billion in apartments.

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NEW YORK, NY – HFZ Capital Group, a leading Manhattan-based real estate development and investment company, announced that construction on The Astor – a 72-unit condominium tower located at 235 West 75th Street – is nearing completion. Originally conceived as rental apartments on the Upper West Side, HFZ commissioned interior designer firm Pembrooke & Ives to re-envision the three legacy buildings on a full city block as a luxury condominium residence.

Given the property’s storied history, and its location within The West End Collegiate Historic District, the challenge was to provide a substantial modernization and overhaul of the existing buildings while using a minimal and deft touch.

“There is no formula to transforming these type of historic properties, we always approach each project with a fresh pair of eyes, while also applying lessons learned from previous experiences,” said John Simonlacaj, the Managing Director of Development at HFZ Capital Group.

In addition to the unique three-tower configuration, The Astor features original detailing both on the exterior and interior that will undergo meticulous restoration.  Around the historic fabric of the buildings, HFZ has upgraded the building infrastructure, mechanical, electrical, plumbing, AV, telecommunications and security.  The newly renovated units have received all-new high-end finishes and custom millwork and fixtures, and are reconfigured to recall The Astor’s elegant and sophisticated past. Completely new amenities at the property include a fitness center, children’s playroom, bike storage, laundry room and storage units for tenants – will also be added to the common spaces.

“To be able to do so much and be able to accommodate such a robust program into a landmarked building like The Astor was no small undertaking,” Mr. Simonlacaj stated. “It required the tremendous effort of collaboration between every member of the design and development team.” 

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