NJ PE Fund Acquires GA Apartment Complex
"With its current occupancy rate of 98%, strong fundamentals, along with corporate and business expansion, we believe this acquisition is an excellent opportunity to increase our presence in Georgia, a target area for our firm,” says Albert Lord III, founder and CEO of Lexerd.
WARNER ROBINS, GA—A private equity fund affiliated with Summit, NJ-based Lexerd Capital Management has acquired Lakeshore Pointe, a 102 patio-style unit apartment complex in the city of Warner Robins, GA. Terms of the transaction were not disclosed.
“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 excellent opportunity to increase our presence in Georgia, a target area for our firm,” says Albert Lord III, founder and CEO of Lexerd. “We are passionate about the success of our investments and our resident base. By expanding our service offering, we optimize our business, increase our geographic footprint and broaden our infrastructure.”
The Lakeshore Pointe community is in Houston County, GA, 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.
In August 2017, Lexerd Capital officially launched a new brand, “The Lory” for its multifamily portfolio. Lexerd plans to rebrand the Lakeshore Pointe property as “The Lory of Warner Robins.”
Just outside Macon, GA, the city 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. The Georgia Department of Labor says jobs in Houston County increased by 1,432 from August to September of last year. Employment is increasing because of the nearby international airport and two port towns, along with 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 also has attracted more residents to the area. First Solar announced a major project to build the largest solar facility in the southeast in a neighboring county.
Lexerd, founded in 2006, is a private equity firm that primarily invests in opportunistic middle market multifamily real estate investments throughout the United States.