A New Jersey-based private equity firm on Wednesday announced the acquisition of three apartment communities totaling 446 units in west Augusta.
The properties – Parker Place Apartments, Alexander Place Apartments and Arborside Apartments – were acquired from Augusta-based ATC Development by Lexerd Capital Management LLC of Summit, N.J.
Financial terms of the sale, which closed Aug. 31, were not disclosed.
The three garden-style apartment complexes, clustered behind the Washington Walk shopping center near the intersection of Washington Road and Alexander Drive, will be renamed “The Lory of Augusta.”
“We are excited to grow our southeastern portfolio through these three acquisitions in Augusta,” Lexerd CEO Albert Lord III said in a statement. “Parker, Alexander and Arborside are all well-maintained communities within the highly desirable area of West Augusta and near retail shopping, easy access to I-20 and minutes away from Augusta National (Golf Club).”
The company, which was founded in 2006 and specializes in acquisitions between “$2 million to $20 million,” said all future multifamily acquisitions will share “The Lory” brand name. Lories are small, brightly colored parrots found in Australia and southeast Asia.
Parker Place and Arborside, both off Bertram Road, have 139 units and 180 units, respectively; Alexander Place, off Alexander Drive, has 127. The three properties occupy roughly 28 acres.
Parker Place is valued for tax purposes at $4.7 million; Arborside is valued at $6.2; and Alexander Place is valued at $4.4.
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