Lexerd Capital Management sponsored fund Acquires The Presidio in Bryan, in TX
Article courtesy of Cleary Strategies, LLC
SUMMIT, NEW JERSEY, UNITED STATES, March 7, 2022 /EINPresswire.com/ — Lexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, announced today that one of its high yield funds has acquired The Presidio Apartments, a multifamily property in Bryan, TX. The property consists of fourteen (14) three-story multifamily apartment buildings, with two hundred ninety-six (296) units, and a community building. The current amenity package of the property consists of an outdoor movie theater, sand volleyball, hammock garden, gated entrance, fitness center, a private resort-style pool with hot tub, clubhouse with business center, and Starbucks café, and a private shuttle service. The primary updates to the property will include refreshing the leasing center, enhancing the landscaping and lighting, remedy deferred maintenance such as wood trim repairs, changing the exterior paint color, and bringing the interior kitchens to current market standards.
Terms of the transaction were not disclosed.
The property is located 2.5 miles from Texas A&M University, 1.5 miles to the Northgate District, an entertainment, retail and restaurant hub, and 4.5 miles from T-6 Freeway. Within 5 minutes of the acquisition, is Walmart Supercenter, Starbucks, Chik-Fil-A, three H-E-B locations, two Lowe’s, Home Depot, and St. Joseph Regional Health. Bryan, a center for agriculture and light industry, is the county seat of Brazos County, a town with a revitalized core and historic interest, grown together with College Station, home to Texas A&M University, the second largest university in the country, which employs nearly 20,000 including the A&M Health Science Center.
The Presidio Apartments will be rebranded as The Lory of Bryan.
“We are eager to announce the acquisition of The Presidio Apartments, soon to be rebranded The Lory of Bryan,” said Albert Lord III, Founder and CEO of Lexerd. “Bryan is an ideal location for those in higher education, biotechnology, bio manufacturing and research. These fast-growing industries create job opportunities alongside retail establishments, restaurants, and an extensive park and trail system, making this area a place many want to call home.”
Lord continued, “As is consistent with all of our acquisitions, the newly acquired property will be re-branded under Lexerd’s Lory umbrella of properties. The Lory is a high-quality real estate investment brand and it shows in everything from the quality of the properties we choose to invest in to the caliber of the tenants we lease to. We are committed to providing tenants with quality amenities and services which are consistent across all properties in the Lory brand. Through each acquisition we continue to serve our mission of achieving strong risk-adjusted returns for our investors, while supporting their communities in a meaningful way. The Lory brand is committed to our properties for the long term and we are committed to upholding these brand qualities with The Lory of Bryan.”
About Lexerd:
Lexerd Capital Management LLC is a real estate firm that primarily sponsors investments in opportunistic multifamily assets throughout the United States. Lexerd was founded in 2006 by Albert L. Lord III while he was raising capital and advising on a $440 million bid to acquire the Washington Nationals baseball team from Major League Baseball. Lexerd has managed over $1 billion in assets since its founding.
Lexerd’s core mission of preserving capital while generating appreciation and offering investors stable distributions begins with an approach that recognizes the distinctiveness of the multifamily real estate asset class and its unique features. The approach is based on the integration of three key considerations (a) a proprietary Model for property acquisition, (b) focus on small to middle Market properties to avoid larger competitors and (c) efficient Management of acquired properties. Since 2006 the 3M model has served Lexerd’s investors by generating excess returns and stable annual distributions.