Balfour Beatty-ApexOne JV Purchases Mississippi Multifamily
Balfour Beatty Communities reports it will perform property management services at Ridgeland Place and will invest in a number of capital improvements at the property.
RIDGELAND, MS—A joint venture of Malvern, PA-based Balfour Beatty Communities and ApexOne Investment Partners of Houston has acquired the Lexington Apartments gated community here.
The 220-unit community that was built in 2000 is being rebranded as Ridgeland Place. The property is located in the upscale northeast section of Jackson, MS and is near several major employers including Select Specialty Hospital, Nissan North America and Comcast.
No financial details of the transaction were released. Apartment homes at the development are available in one-, two- and three-bedroom models and feature a number of amenities including private outdoor areas, fully-equipped kitchens and ample storage space. In addition, community amenities include a pool with sundeck, a fitness center and playground.
“Ridgeland appealed to us given its premier location within an award-winning school district, flourishing retail and entertainment offerings and accessibility to major highways,” says Michael Price, VP of residential transactions for Balfour Beatty Communities. “We look forward to adding value to the community through modern renovations and raising the bar for an exceptional living experience with our management expertise.”
Balfour Beatty Communities reports it will perform property management services at Ridgeland Place and will invest in a number of capital improvements at the property, including upgrades to unit interiors, the community amenity package and the property’s overall curb appeal.