Harrison, New York: LRE Management LLC announced that an entity in which it has an 80% equity interest acquired Livingston Apartments, a 448-unit multifamily property located in Tampa, Florida. An LRE related entity contributed $12 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 3.76% and a 12-year maturity date of 2031, with interest only until 2025.
Built in 1986, this well-maintained community has 288 one-bedroom, 108 two-bedroom and 52 three-bedroom units. The property is extremely well located in the North Tampa sub-market and benefits from its close proximity to the University of South Florida (USF), the 9th largest university in the country with over 50,000 students. Residents of the Livingston also have immediate access to both I-75 and I-275, the two main interstates to the city’s major employment hubs including a 15-minute commute to downtown.
“We are excited to acquire our first asset in the Tampa area which has had the the 3rd highest net migration in the country the last two years. Tampa continues to grow at a faster rate than the national average and is projected to grow to over 5.3MM people by 2024, making it one of the largest metropolitan areas in the southeast” shared Eric R. Londa, Managing Partner at LRE Management LLC. “We are acquiring an institutionally owned asset with a history of high occupancy and strong rent growth the last few years. Our business plan includes modernizing both the property amenities and select units that will cater to the current tenant base. These improvements, coupled with the very favorable financing we were able to secure, should generate immediate cash flow and long-term capital appreciation 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 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