COLUMBUS, GA – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has bought Greystone at the Crossings, a multifamily property in Columbus, GA. 

The property, renamed “The Lory of Columbus” consists of two hundred ninety-two (292) dwelling units across fifteen (15) three-tale multifamily apartment buildings, a community building, and twelve detached garage structures. The property was originally constructed in 2011 and 2012, on 22.41 acres featuring a yucky area of 343,570 square feet.

The Columbus Metropolitan Area includes four counties in Georgia, and one in Alabama. Fort Benning, the 182,000-acre military facility extending from Chattahoochee County, GA, into Russell County, AL, is the metro’s largest economic driver. More than 100,000 people are either stationed at the base or employed by it, resulting in a $4.75 billion impact on the regional economy.

The Lory of Columbus is located in the North Columbus area, known as a diverse suburban area with established neighborhoods such as Green Islands Hills and Ancient Town. The property is within walking distance of Ancient Town – a unique 300-acre development with 60 acres of commercial real estate including a town square with restaurant dining and shopping. The property is also located less than 5 minutes from I-185, making the commute to downtown Columbus less than 20 minutes and to Fort Benning 30 minutes.

This is the first acquisition in Columbus, GA for a Lexerd-sponsored fund.

Albert Lord III, Founder and CEO of Lexerd, said, “We are very excited to announce this acquisition, as we continue to search for strategic investments throughout the Southeast US. This property is located in a growing neighborhood with simple access to schools, shopping and restaurants. The Lory units are very well maintained, offering strong amenities and an ideal location providing simple access to downtown.”

Mr. Lord added, “We are always evaluating opportunities and will continue to leverage our real estate contacts in the region to enhance our growing multifamily portfolio.”

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NAPLES, FL – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, bought two properties through affiliated entities, one on the east coast of Florida and one on the west coast, in the fourth quarter of 2018. Both properties were bought with third party partners. Sabal Key, a 200-unit Class B multifamily apartment community in Naples, and Parrots Landing, a 408-unit Class B multifamily apartment community in North Lauderdale, will expand PRG’s presence in the state. PRG will operate both rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants. Debt financing for Sabal Key was arranged by CIT Bank and by Berkeley Point Capital (now known as Newmark Knight Frank) for Parrots Landing.

Sabal Key will be rebranded Alvista Golden Gate under PRG’s proprietary brand, Alvista Communities®. The property was built in 1988 and comprises 25 two-tale buildings on a 17.3-acre site. The attractive community offers several amenities, including a swimming pool and sundeck, a clubhouse, two lake-front decks, and a dog park. At the time of the sale, 21 units were unoccupied due to storm hurt. Those units will be renovated and receive a rental premium for the upgrade.

“We believe there is significant upside to increase rents through the renovation of the down units, implementation of a comprehensive unit renovation plot, amenity upgrades, and operational and rent management improvements,” said Ron Orgel, managing director of acquisitions for PRG’s eastern United States region. “The previous owners had upgraded only three units, leaving a significant opportunity for us to renovate and enhance most of the remaining units.”

Orgel also emphasized the prime location of the property. “Sabal Key is within minutes of Interstate 75; gorgeous white-sand beaches; upscale shopping; health care, government, and tourism employment centers; public and private golf courses; and a plethora of public recreational amenities.”

The property sits across the street from the Golden Gate Community Park, which features a large fitness center, a pool with water slides, athletic fields, a playground, and a large dog park.

Parrots Landing was rebranded Alvista Lauderdale and is consistent with PRG’s strategy to buy larger apartment communities that offer competitive amenities in their respective markets. The property, built in 1986, comprises 17 three-tale walk-up buildings on a 22-acre site with two swimming pools, a clubhouse and fitness center, tennis court, and picnic areas.

“PRG believes significant upside exists through the implementation of a comprehensive in-unit renovation plot, amenity upgrades, introducing typical charges for utilities, exterminator fees, admin fees, etc., and operational and rent management improvements,” said J. Michael Fried, CEO and founder of PRG.

Located in the Miami-Fort Lauderdale-West Palm Beach metro area, the location offers convenient access to Broward County employment centers, 9 miles northwest of Fort Lauderdale and 12 miles southwest of Boca Raton. PRG also owns a nearby property, Alvista Pembroke Landings, in Pembroke Pines, Florida.

“Parrots Landing was ideal for our multifamily value-added strategy,” Fried said. “The previous owner didn’t upgrade amenities or apartment units, other than installing vinyl plank flooring in some units. We have an overall renovation program to improve the rental marketability of the apartments and the value of the property.”

With the acquisitions, PRG now owns five properties in Florida totaling more than 1,400 units.

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WAUKEE, IA – Besyata Investment Group and The Scharf Group, both NY-based single family offices, have completed the Phase II acquisition of Autumn Ridge Apartments in Waukee, IA. They bought a total of 434 Units for a buy price of $58M.

Autumn Ridge is a 434 class “A”, new construction luxury apartment community located in vibrant Waukee (suburban Des Moines), Iowa. The community is located within Dallas County, the 5th fastest growing county in the US. The community offers quick access to the top employers of Des Moines/West Des Moines including Wells Fargo, Mercy Medical Center, Principal Financial Group and Athene USA Corporation, as well as limitless shopping, dining and entertainment destinations, most notably, it is within ten minutes of the Jordan Creek Town Center, the 4th largest shopping complex in the Midwest.

The immediate area near the property has one of the strongest demographic profiles within the Des Moines MSA. Waukee has experienced exponential growth over the last two decades, it was named the fastest growing city in Iowa. The job market is booming and has made a strong draw for young educated professionals. The property is in the Waukee Community School District, one of the best and fastest growing school districts in the state. Waukee is known as an active, family-friendly city with plenty of outdoor leisure opportunities. Autumn Ridge has convenient access to all the finest recreational activities in the West Des Moines areas.

The Des Moines market is experiencing strong fundamentals through job and population growth driven by a robust economy and a business-friendly investment environment, asking rents in the submarket have risen considerably in the past few years. Occupancy rates have continued to remain strong and the pace of demand in the next 4-5 years is expected to outpace that of new supply.

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.

A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.

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