By Robert Demeter
Jacksonville–Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, recently acquired San Marco Village, a 106 unit, two-story apartment community located in Jacksonville. San Marco Festival LLC sold the property to Lexerd through LCP Jacksonville LLC for $8 million. The community was 96.2 percent occupied at the time of the sale.
Built in 1973, San Marco Village is situated on 4.76 acres and consists of 16 two-story buildings with one- and two-bedroom apartments. Amenities include two swimming pools, laundry facilities and 220 parking spaces. According to Yardi Matrix, as of 2016, a 760-square-foot one bedroom apartment rents for$843 per month, and a 1,000-square-foot two-bedroom apartment rents for $965 per month. San Marco is currently managed by First Communities Management Inc.
The community is located at 2165 Dunsford Terrace in Jacksonville’s San Marco neighborhood, which is just minutes away from downtown and various restaurants and retail centers including Walmart Supercenter.
“With its current high occupancy rate and a robust outlook for the apartment market in Jacksonville, we believe this acquisition is an excellent opportunity to increase our presence in one of our target markets. The high quality improvements to these units, the favorable job growth, population growth and rental growth that we are seeing in the Jacksonville MSA, make this a strong addition to our growing portfolio,” said Albert Lord III, CEO of Lexerd.
Lexerd Capital Management LLC is a private equity firm that primarily invests in opportunistic middle market multifamily real estate throughout the United States. Lexerd was founded in 2006 by Albert Lord III and since then the company has managed over $300 million in assets. The firm also has several joint ventures with established real estate management companies who operate the properties on a daily basis.
Photo courtesy of Yardi Matrix.