AUGUSTA, GA - Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has acquired The Metropolitan Augusta, an apartment complex in the Belair neighborhood of Augusta, GA.
The property consists of two hundred thirty units (236) across 16 three-story multifamily apartment buildings and one community building. The property was originally constructed in 1986 on 14.2 acres, but was renovated over the last two years with updated interiors, new roofs, siding, and a new amenity center including a covered social deck and a golf simulator.
This is the sixth acquisition in Augusta, GA for a Lexerd-sponsored fund. Terms of the transaction were not disclosed.
Augusta is located in the east central section of the state, approximately 150 miles east of Atlanta. Perhaps best known as the home of the Masters Golf Tournament, the Augusta area is also a center for medicine, manufacturing, and military. The Metropolitan is only minutes from I-20, Bobby Jones, Fort Gordon, and Walton Way, very close to the Augusta Mall and business district, and near all shopping, dining, and entertainment in the Augusta area.
Albert Lord III, Founder and CEO of Lexerd, said, “We are very excited to announce this acquisition, our sixth in Augusta. The Metropolitan offers beautiful living spaces with designer interior and exterior renovations as well as up-to-date amenities, ideally located close to I-20. Augusta’s economy is very strong and we continue to see positive trends in both business and population growth. Augusta has also had record employment over the last few years and the local job market continues to expand.
Mr. Lord added, “We are very pleased to strengthen our portfolio through this acquisition and are committed to finding attractive investment opportunities both in and around the Augusta area, as well as throughout the broader southeastern US.”