PANAMA CITY, FL – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has bought Spring Valley Club Apartments in Panama City, FL and Avenue 29 Apartments in Tallahassee, FL, each a multifamily property in their respective locations.
Spring Valley Club consists of twenty (20) three-tale multifamily apartment buildings and one (1) community building, totaling 160 individual units. The existing amenity package of the property consists of a fitness center, private pool with sundeck and grilling area, clubhouse with business center, dog park, and a fire pit gathering area.
Avenue 29 consists of eighteen (18) two and three-tale multifamily apartment buildings and one (1) community building, totaling 324 individual units. The existing amenity package of the property consists of a newly renovated 24-hour fitness center, private pool with sundeck, jacuzzi, hammock garden, and grilling area, computer lab and business station, library with study, and a gated entrance.
Spring Valley Club is centrally located within minutes of two of the largest employers in Panama City, Tyndall Air Force Base and Bay Medical Center. All major transportation arteries are easily accessible from the property including Front Beach Road, FL-79, and US-98. It is one of the country’s largest business container ports in the U.S. with FedEx and North American having distribution center locations. Panama City is the county seat of Bay County, which has 186,366 residents and over 7 million tourists visit annually.
Avenue 29 is optimally located near access to major thoroughfares such as N Monroe Street and I-10. Tallahassee is the state’s capital with a population of 390,489, per the 2018 census, and home to two major universities. It is a leading-edge, high-tech region with world-class research, and the Innovation Park, a hub for emerging technology, and commercial development. Companies based in Tallahassee include Citizens Property Insurance Corporation, the Municipal Code Corporation, the Mainline Information Systems, State Board of Administration of Florida (SBA) and the United Solutions Company. The top employers are government with over 25,200 employed, education with over 17,600 employed and medical with more than 5,600 working at Tallahassee Memorial and Capital Regional Medical Center.
Both Spring Valley Club and Avenue 29 are ideally located providing residents close proximity to demand drivers, making them suited for dual income households working in different areas of their respective MSAs.
Spring Valley Club will be rebranded as The Lory of Panama City and Avenue 29 will be rebranded as The Lory of Tallahassee.
“We are enthusiastic about the acquisition of Spring Valley Club Apartments in Panama City and Avenue 29 Apartments in Tallahassee,” said Albert Lord III, Founder and CEO of Lexerd. “Each located in bustling and growing regions, these new properties will provide tenants with quality living in thriving areas.”
Lord continued, “The choice to re-brand the properties under Lexerd’s Lory umbrella of properties conveys their consistency and alignment with the Lory brand, which provides tenants with quality they can trust and an exceptional community reputation, wherever you may find it. We are committed to upholding those brand qualities with these two new acquisitions in Florida. The Lory of Panama City and The Lory of Tallahassee will help Lexerd continue to serve our mission of achieving strong risk adjusted returns for our investors, while supporting their communities in a meaningful way.”

Powered by WPeMatico

TUSTIN, CA – The REMM Group started 2021 by adding two new multifamily communities to their management portfolio. Paradise Gardens Apartment Homes, a 318 multifamily community in Long Beach and Towne Centre at Orange, with 135 units in Orange, California. Both joined The REMM Group on January 1st.
Christine Dales, The REMM Group COO, said, “The COVID-19 pandemic made tremendous difficulties for multifamily management. Property owners weigh heavily how a company has dealt with these challenges in selecting management. The REMM Group adjusted rapidly, adapted, and worked hard to keep everyone up to date. We are proud that these two outstanding properties recognized that, selecting The REMM Group.”
Sara D’Elia, CEO of The REMM Group added, “Personalized attention from senior management is the niche advantage our regional company offers. That direct attention by the most experienced talent in our company gives us agile leadership to respond to COVID 19. It’s hard for national companies to match that. More and more commercial property owners recognize that Southern California has unique challenges. It takes in-depth local and regional knowledge to manage at the highest level.”
Paradise Gardens Apartment Homes offers studio, one-bedroom, one-bath and two-bedroom, two-bath units ranging from 365 to 898 square feet. Community amenities include an Olympic sized swimming pool, fitness center, yoga studio, luxurious spas, off-street parking, basketball, and tennis courts.
Towne Centre at Orange is a multifamily community that offers residents three pools with cabanas, double pane windows and covered parking with storage. Many of the apartments include newer cabinets, granite countertops and stainless-steel appliances.
D’Elia said, “I know these two new properties will benefit from the dedication and creativity of our teams. They have excelled this year. Beyond virtual tours, sanitation protocols, and countless zoom meetings, they even found ways to relieve the boredom of stay-at-home orders for residents. We held COVID-safe resident appreciation events and had a successful virtual toy drive.”

Powered by WPeMatico

JACKSON, MS – Carter Multifamily announced its acquisition of the 392-unit The Reserve of Byram for approximately $46.4 million.
Built in two phases in 2000 and 2006, The Reserve of Byram apartment community is well located in Byram, Mississippi on 33.24 acres of land near the area’s top shopping, dining, entertainment and recreational activities. The community features spacious one, two and three-bedroom floorplan options with modern amenities.
In addition to its thoughtfully designed apartment homes, The Reserve at Byram offers gated entry, a resort-style pool and spa with a sundeck, outdoor grilling areas, a billiards room, a fitness center, a clubhouse, and an on-site car wash facility. Residents also delight in The Reserve at Byram’s close proximity to the area’s top employers and convenient access to downtown Jackson, Mississippi via Interstate 55.
“The high-quality features and location of this property, along with our ‘management improvement’ strategy, enables us to deliver a desirable community for residents of this growing area at an attractive price point,” said Ray Hutchinson, chief investment officer of Carter Multifamily. “We are excited about the strong rental performance of this market, which has fared well during the pandemic, and the upgrades we have plotted to enhance the resident experience at The Reserve of Byram.”
Carter Multifamily intends to do a substantive value-add strategy by enhancing the amenity package, completing interior and exterior upgrades, and by implementing institutionally based property management best practices.

Powered by WPeMatico