Lexerd Capital Management LLC, a Summit-based private equity fund, announced Wednesday that it has acquired a 354-unit apartment community located in Durham, North Carolina.
The Firefox Apartments, which is the first acquisition by Lexerd’s new Lexerd Capital Partners High Yield Fund II, will be managed by First Communities Management.
"We are excited to add to our portfolio a property that is strategically located amongst an abundance of significant economic and population drivers, in the thriving city of Durham,” Albert Lord III, CEO of Lexerd, said in a prepared statement. “With attractive submarket vacancy rates and same-unit rental growth, as well as over $1 billion in new commercial development just four miles away at Duke University’s Medical Campus, we believe Foxfire is poised to build on its recent capital improvements, market repositioning, recent operational success and top line revenue growth. We worked hard to close this deal and believe it clearly demonstrates our commitment to the multifamily real estate sector and to our investment partners.”
Financial terms of the transaction were not disclosed.
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