ATLANTA, GA – JLL Income Property Trust, an institutionally managed daily NAV REIT, announced the acquisition of Siena Suwanee Town Center, a 240-unit, luxury apartment community in the affluent north-Atlanta suburb of Suwanee, Georgia. The buy price was approximately $70 million.
Suburban Atlanta is a recommended portfolio “overweight” and is ranked within the top quartile of LaSalle’s Research & Strategy Group’s proprietary market tracking database. Atlanta-area apartment investments have outperformed overall U.S. apartments within the NCREIF institutional index over 1, 3, 5 and 10-year periods. Sienna Suwanee Town Center is complemented by JLL Income Property Trust’s 2017 acquisition of The Reserve at John’s Creek Walk, a 210-unit Class A apartment community located in Johns Creek, less than 10 miles away. This northeast Atlanta submarket ranks favorably due to above market population and job growth, ranking 12th out of 150 U.S. cities in forecasted employment growth over the next four years.
Constructed in 2018, Sienna Suwanee Town Center features luxury unit finishes and provides residents with a robust community amenity package including a salt-water resort style pool and 24-hour multipurpose fitness center. The community also has desirable live/work/play features and is walking distance to numerous retail stores and restaurants, in addition to local community parks.
“This addition to our growing apartment portfolio fits extremely well with our suburban strategy to invest in amenity-rich, newer communities located in highly-rated school districts with high barriers to entry for new competition,” noted Allan Swaringen, JLL Income Property Trust President and CEO. “This investment brings our aggregate apartment allocation to over $1 billion, with 3,842 apartment units across 16 communities representing 33 percent of our $3.3 billion, 82-property portfolio. Our unique UPREIT structure along with our diversified portfolio and daily valuation were attractive to the sellers who chose to contribute this property in exchange for interests in our fund rather than selling for cash. This provided the owners of Sienna Suwannee a tax efficient sale with the benefit of long-term estate plotting while allowing our fund to make a strategic acquisition with no cash outlay.”

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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.”

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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.”

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