Lexerd Lands $39M FL Apartments
- Aug 31, 2017
One of the funds of Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, has acquired Springs at Braden River from Wisconsin-based Continental Properties for $38.7 million. The property is a 270-unit garden-style multifamily community in Bradenton, Fla., which Lexerd has renamed The Lory of Braden River.
The property consists of 15 residential buildings and one leasing office/amenity building on about 41 acres. It features leash-free dog park, a two-acre nature park with walking trails, sand volleyball courts, a fitness center and a horseshoe pit. Bradenton is in Manatee County, on the Manatee River, just south of Tampa.
Braden River is in a desirable section of Bradenton, between the city’s downtown area and the residential community of Lakewood Ranch, said Albert Lord III, founder and CEO of Lexerd. “It is a well-maintained community, and we see an opportunity to add value through additional interior renovations.”
The renaming is part of Lexerd Capital’s new brand, “The Lory,” which it will apply to multifamily properties. A lory is a small, brilliantly colored Australasian and Southeast Asian parrot. The brand launch will include the new brand, along with a logo and website.
The investor intends to roll out the Lory brand to the rest of its portfolio, according to Lord. Lexerd primarily invests in opportunistic middle market multifamily properties, and it also has several joint ventures with real estate management companies that operate Lexerd assets.