Mamaroneck, NY - September 23, 2022 – LRE Management LLC (“LRE”), a national real estate private equity firm, today announced that a Joint Venture entity in which it has an 85% equity interest has sold Sunridge Apartments (“the Property”), a 332-unit multifamily property located at 145 Pioneer Parkway in the Grand Prairie area of Dallas. The property sold for $33,000,000, five years after acquiring it for $17,050,000.
LRE acquired Sunridge in 2017 as a Value-Add opportunity with favorable long-term fixed-rate agency financing. As a part of the value-add strategy, units were updated, landscaping and clubhouse improvements were made, the exterior was painted and a new playground was installed. The property features 1 and 2-bedroom floorplans with an average unit size of 511 square feet. The community offers residents a pool, basketball courts, clubhouse, gathering areas and a fitness center.
“We are very pleased with the outcome of this investment especially in the current economic environment. The Dallas market has benefited from strong growth fundamentals in recent years and we feel good about the timing of our sale. The partnerships ability to source this deal and execute on the business plan culminated in us exceeding return projections,“ said Eric Londa, Managing Partner at LRE.
LRE acquisitions focus on apartment communities in high growth primary markets where there is a supply-demand imbalance and secondary and tertiary cities with solid fundamentals, acquiring properties directly as sponsor, or forming joint ventures as the majority-LP or Co-GP. To discuss new acquisitions, recapitalizations or joint venture opportunities reach out to acquisitions@lremanagementllc.com.
About LRE Management LLC
LRE Management LLC ("LRE") is a national 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 acquiring properties directly 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 and its associated entities have acquired over 6,600 units with transactions totaling in excess of $1.0 billion. For more information about LRE Management, visit www.lremanagementllc.com, Linkedin or call (704) 253-0520.
Contact:
Justin Lacy | Marketing and Investor Relations
LRE Management LLC
justin@lremanagementllc.com