Based in Connecticut Lexington LLC Partners acquired four multi-family properties in Columbia as part of its 933-unit workforce purchase in South Carolina and Memphis, Tenn.
A subsidiary of Lexington Partners purchased the portfolio for $71.2 million from Healthcare real estate investments. The buyer’s lender is New York-based Ready Capital, which loaned $67 million for the transaction.
The portfolio includes Copperfield Apartments, Creekside Apartments, Retreat at Broad River Apartments and Riverbanks Retreat Apartments in Columbia, in addition to Azur Tower and SoMa 23 Apartments in Memphis. Lexington is investing $11.8 million to renovate the properties, according to a press release.
Globalvestment Capital Partners of Toronto brokered the sale, which closed on March 28. The newly acquired portfolio brings the Lexington South East workforce to 1,716 units.
Lexington Property Management, the management arm of Lexington headed by Christopher P. Reilly, will oversee the renovations and manage the properties.
“We are excited to enter the Columbia and Memphis markets and reposition these properties, all of which are in labor-intensive areas near tens of thousands of jobs,” said Martin J. Kenny, founder and CEO of Lexington Partners LLC.
In 2021, Lexington purchased the 144-unit Bradley Pointe Apartments in Savannah and the 224-unit Lake Vista Apartments in Warner Robins, Georgia. Lexington also has an additional 415-unit portfolio in Hickory, North Carolina called Apartments on 20th.
Founded in 1994, Lexington specializes in the redevelopment of projects with environmental challenges and building from scratch. In 2018, the company was reorganized with a focus on acquiring thousands of units in strategic East Coast markets.
The company currently has over 900 units in development or pre-development.
Contact Melinda Waldrop at 803-726-7542.