Lexerd Capital Management LLC, a Summit-based private equity fund, announced Monday that it has acquired Glenwood Townhomes, an 87,000-square-foot, 120-unit complex in West Monroe, Louisiana.
The complex, which was renamed by Lexerd to Shadow Glen, consists of 17 buildings—16 two-story residential buildings and one leasing office.
"We are very pleased to add to our portfolio a property in a city that is home to many Fortune 100 companies. We are impressed by the demand for well-located apartment communities in West Monroe, as evidenced by the strong average occupancy rate of local rental comps,” Lexerd CEO Albert Lord III said in a statement. “We believe the city’s growing labor force, low unemployment rate and steady population growth are characteristics that we look for in all of our multi-family acquisitions. We plan to invest in both exterior and interior improvements and will explore these potential enhancements in the near term."
Shadow Glen will be managed by First Choice Management Group. Financial terms of the deal were not disclosed.
ALSO ON NJBIZ: