Mamaroneck, New York – January 10, 2022 - LRE Management LLC (“LRE”) announced that an entity in which it has an equity interest completed the acquisition of The Village at Apison Pike (“the Property”), a 248-unit multifamily property located in Chattanooga, TN. An LRE related entity contributed $8.2 million of equity in connection with the acquisition. Mortgage debt was obtained for the purchase that matures in 2028, carries an interest rate of 3.09% and is interest -only for the full term.
Built in 2015, this garden-style Class A community has 116 one-bedroom, 108 two-bedroom units and 24 three-bedroom units. The Property, less than 5 years old, is in great condition with luxury interior features, a resort style pool with cabanas, state of the art fitness center, fully equipped clubhouse with a gaming room and a dog park. LRE plans to further enhance the Property with a complete exterior paint, minor renovations to the clubhouse and amenity enhancements.
The Property is located east of downtown Chattanooga, one of the strongest secondary MSAs in the country. It sits in the affluent and desirable suburb of Ooltewah, a submarket characterized by strong rent growth being driven by limited supply and an influx of high earning technology, pharmaceutical, manufacturing and industrial jobs. Major employers in the area include Volkswagen, Amazon and McKee Foods.
Chattanooga, the “Gig City”, boasts having the fastest and most advanced internet in the country, and has been attracting a growing tech startup scene. It is the first city in the Western Hemisphere to offer one-gig internet service to all residents and businesses. Forbes magazine recently ranked Chattanooga number one for Employment Outlook, due to corporate expansions and the city’s location at the crossroads of high growth metros of Atlanta, Nashville and Birmingham.
“We are thrilled to be entering the Chattanooga market, one of the most sought-after secondary markets in the Southeast. With no state income tax and a business friendly climate, Tennessee continues to be one of the fastest growing states for both population and job growth and that trend has accelerated since the onset of the pandemic. ”, shared Eric R. Londa, Managing Partner at LRE.
LRE acquisitions have focused on the Sun Belt region, encompassing the states found in the Southeast and Southwest, targeting apartment communities in high growth markets where there is a supply-demand imbalance and secondary and tertiary cities with solid fundamentals.
About LRE Management LLC
LRE Management LLC ("LRE") is a private real estate company that acquires Multifamily properties throughout the country. LRE 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 for its investment partners. Since its founding, LRE has acquired over 6,000 units across 20 properties, and transactions totaling in excess of $1 billion. For more information about LRE Management, visit www.lremanagementllc.com or call (704) 253-0520
Contact:
Eric R. Londa | LRE Management LLC
Founder, Managing Partner
info@lremanagementllc.com