Lexerd Capital Management LLC ("Lexerd"), a New Jersey-based sponsor of private equity funds, announced today that one of its funds has acquired Spring Valley Club Apartments in Panama City, FL and Avenue 29 Apartments in Tallahassee, FL, each a multifamily property in their respective locations.
Spring Valley Club Apartments
Spring Valley Club consists of twenty (20) three-story multifamily apartment buildings and one (1) community building, totaling 160 individual units. The existing amenity package of the property consists of a fitness center, private pool with sundeck and grilling area, clubhouse with business center, dog park, and a fire pit gathering area.
Avenue 29 consists of eighteen (18) two and three-story multifamily apartment buildings and one (1) community building, totaling 324 individual units. The existing amenity package of the property consists of a newly renovated 24-hour fitness center, private pool with sundeck, jacuzzi, hammock garden, and grilling area, computer lab and business station, library with study, and a gated entrance.
Terms of the transaction were not disclosed.
Spring Valley Club is centrally located within minutes of two of the largest employers in Panama City, Tyndall Air Force Base and Bay Medical Center. All major transportation arteries are easily accessible from the property including Front Beach Road, FL-79, and US-98. It is one of the country's largest business container ports in the U.S. with FedEx and North American having distribution center locations. Panama City is the county seat of Bay County, which has 186,366 residents and over 7 million tourists visit annually.
Avenue 29 is optimally located near access to major thoroughfares such as N Monroe Street and I-10. Tallahassee is the state's capital with a population of 390,489, per the 2018 census, and home to two major universities. It is a leading-edge, high-tech region with world-class research, and the Innovation Park, a hub for emerging technology, and commercial development. Companies based in Tallahassee include Citizens Property Insurance Corporation, the Municipal Code Corporation, the Mainline Information Systems, State Board of Administration of Florida (SBA) and the United Solutions Company. The top employers are government with over 25,200 employed, education with over 17,600 employed and medical with more than 5,600 working at Tallahassee Memorial and Capital Regional Medical Center.
Both Spring Valley Club and Avenue 29 are ideally located providing residents close proximity to demand drivers, making them suited for dual income households working in different areas of their respective MSAs.
Spring Valley Club will be rebranded as The Lory of Panama City and Avenue 29 will be rebranded as The Lory of Tallahassee.
"We are enthusiastic about the acquisition of Spring Valley Club Apartments in Panama City and Avenue 29 Apartments in Tallahassee," said Albert Lord III, Founder and CEO of Lexerd. "Each located in bustling and growing regions, these new properties will provide tenants with quality living in thriving areas."
Lord continued, "The decision to re-brand the properties under Lexerd's Lory umbrella of properties conveys their consistency and alignment with the Lory brand, which provides tenants with quality they can trust and an exceptional community reputation, wherever you may find it. We are committed to upholding those brand qualities with these two new acquisitions in Florida. The Lory of Panama City and The Lory of Tallahassee will help Lexerd continue to serve our mission of achieving strong risk adjusted returns for our investors, while supporting their communities in a meaningful way."