Harrison, New York: LRE Management LLC announced that an entity in which it has an 78% equity interest acquired Ardmore Apartments, a 291-unit multifamily property located in Fayetteville, North Carolina. An LRE related entity contributed $9.5 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 3.01% and a 10-year maturity date of 2030, with interest only until 2025.
Built in 2012, this well-maintained community has 78 one-bedroom, 168 two-bedroom and 45 threebedroom units. The property is extremely well located in the Fayetteville sub-market and benefits from its close proximity to Fort Bragg, the largest military installation in the world with over 52,000 active duty personnel and an additional 90,000 civilian population.
“We are glad to add another high quality asset in the Sunbelt to our portfolio. North Carolina is one of the fastest growing states in the country and Fayetteville has a strong job base in government, healthcare and
education, which we like in the current economic climate” shared Eric R. Londa, Managing Partner at LRE Management LLC. “We are acquiring a newer built asset significantly below replacement cost in a submarket that is extremely well occupied with no new supply for the foreseeable future. Additionally, we were able to secure Agency financing at historic low interest rates which should generate immediate cashflow and long-term capital appreciation for 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 net 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