Lexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, today announced that it has acquired San Marco Village (“San Marco”), a 106 unit, two-story apartment community located in Jacksonville, Florida. The purchase consists of 16 apartment buildings, each two-stories. San Marco is currently managed by First Communities Management, Inc.
Terms of the transaction were not disclosed.
San Marco is located in the Jacksonville, Florida MSA, one of the 50 largest economies in the country. Jacksonville is one of Florida’s fastest growing areas and also one of its youngest. Jacksonville’s average age of just over 37 is well below the average for other major Florida cities. The area is one of the most populated metropolitan areas in Florida and is a key transportation center, with a strong presence in the health care, finance and insurance sectors. It also has an emerging technology presence and is focused on attracting both public and privately owned corporations. San Marco is very close to Jacksonville’s Downtown business district, home to some of the city’s largest employers such as Bank of America, Baptist Health, CSX, Everbank, Fidelity National, Wells Fargo and UF Health Shands Hospital.
Albert Lord III, CEO of Lexerd, said, "We are very pleased to announce the acquisition of San Marco. With its current high occupancy rate and a robust outlook for the apartment market in Jacksonville, we believe this acquisition is an excellent opportunity to increase our presence in one of our target markets. The high quality improvements to these units, the favorable job growth, population growth and rental growth that we are seeing in the Jacksonville MSA, make this a strong addition to our growing portfolio.”