Harrison, New York: LRE Management LLC announced that an entity in which it has an 85% equity interest acquired The Commons at Fort Mill, a 144-unit multifamily property located in Fort Mill, South Carolina. An LRE related entity contributed $7.5 million of equity in connection with the acquisition and anticipated improvements to the property. Mortgage debt was obtained for the purchase that carries an interest rate of 4.15% and a 12 year maturity date of 2031, with interest only until 2025.
Built in 2009, the well-maintained community has 108 two-bedroom and 36 three-bedroom units, an optimal configuration for this family oriented community. Fort Millis one of Charlotte’s most desirable sub markets offering low South Carolina property taxes, an award winning school system, low crime rate, short commute time to both Charlotte and York County’s growing employment hub and Douglas International Airport, the 6th busiest airport in the country. The property is well located with direct access to interstate 77, a major north-south transportation corridor in the Charlotte MSA connecting Charlotte to Columbia, S.C.
“We are excited to acquire our first asset in the Charlotte area, one of the fastest growing cities in the country in terms of both population and job growth. This is a well-built property that can benefit from both physical and management upgrades”, shared Eric R. Londa, Managing Partner at LRE Management LLC. “Our operating partner will execute the business plan of improving amenities and planned upgrades to both the exterior of the property and interior finishes. Additionally, we will be utilizing more professional property management and marketing to ultimately generate value to our trusted investors and partners.”
About LRE Management LLC
LRE Management LLC is a private real estate company that acquires Multifamily properties throughout the country. LRE Management invests side by side with its network of high new worth and family office partners by co-investing or forming Joint Ventures with proven sponsors and operators. LRE’s core investment principle is to deliver tax efficient current income while generating long term capital appreciation by investing in non-correlated Multifamily real estate assets.
Contact:
eric@lremanagementllc.com
https://www.lremanagementllc.com