Lexerd Buys, Rebrands GA Community
The 160-unit garden-style multifamily asset, built in 1983 and known as Center West Villas, will be rebranded as Pinewood at National Hills.
Lexerd Capital Management has acquired the Center West Villas, a 160-unit garden-style community in Augusta, Ga. The new owner has rebranded the property as Pinewood at National Hills. Last year, Lexard picked up a 270-unit asset in Bradenton, Fla., for $39 million.
The property contains 32 one-, 96 two- and 32 three-bedroom apartments, with floorplans including a respective 782, 1,058 and 1,318 square feet. The community features on-site amenities such as a swimming pool, two tennis courts and approximately 350 parking spaces. The community was 88.8 percent occupied in June, according to Yardi Matrix data.
The asset is situated at 1075 Bertram Road in Augusta’s National Hills submarket, less than 3 miles from the South Carolina border. A short distance from Interstate 20, the community’s 20 buildings are located next to the bustling Washington Road retail corridor, home to a wide variety of shopping and dining options.
“The Center West property is a well-maintained community within the highly desirable area of West Augusta,” said Albert Lord III, founder & CEO of Lexerd, in a prepared statement. “We know the Augusta market extremely well and will continue to look for investment opportunities both in this general area and in the greater southeastern U.S.”
Image courtesy of Yardi Matrix