Harrison, New York- September 8, 2019: LRE Management LLC announced the sale of Stonington Estates, a 71-unit multifamily property located in Norwich, Connecticut in which an LRE entity had a 70% joint venture equity interest. The property sold for $9.2MM three years after acquiring it for $6.8MM and executing a value-add strategy by renovating a majority of the interior units. The sale generated a gross deal level IRR of 25.8% and equity multiple of 1.9x.
“The sale achieved our return objectives sooner than anticipated and we thought it was a good time to redeploy capital to higher growth areas in the sunbelt where we have been more active in the last few years”, said Eric R. Londa, Managing Partner at LRE Management LLC.
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.
Contact:
eric@lremanagementllc.com
https://www.lremanagementllc.com