Harrison, New York – February 15, 2021 - LRE Management LLC, a New York based national real estate
investment company, announced that an entity in which it has an 90% equity interest acquired Legacy Ridge Apartments, a 374-unit multifamily property located in Atlanta, Georgia. An LRE related entity contributed $16 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 3.29% and a 10-year maturity date of 2031, with interest only payments through 2024.
Built in 2008, this well-maintained community has 136 one-bedroom, 196 two-bedroom and 42 three-bedroom units.
The property is situated close to the South Atlanta Industrial Corridor, the nation’s fastest growing industrial market and 5th largest overall. The growth of the South Fulton submarket is tied to its proximity to Hartfield-Jackson Airport and the Port of Savannah.
“We are excited to be acquiring a high quality institutionally owned asset in Atlanta, one of the best performing rental markets in the country in 2020. Atlanta’s explosive growth is expected to continue as the pandemic has accelerated the migration south,” shared Eric R. Londa, Managing Partner at LRE Management LLC. “Legacy Ridge
is a nice addition to our diversified portfolio as we continue to add newer vintage assets that can benefit from a
modernization of amenities, a refresh and upgrade of unit interiors and the implementation of an ESG initiative
through the lender’s Green program that will target water and energy savings in our capital renovation plan".
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