COLUMBUS, GA - Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has acquired Greystone at the Crossings, a multifamily property in Columbus, GA.
The property, renamed “The Lory of Columbus” consists of two hundred ninety-two (292) dwelling units across fifteen (15) three-story multifamily apartment buildings, a community building, and twelve detached garage structures. The property was originally constructed in 2011 and 2012, on 22.41 acres featuring a gross area of 343,570 square feet.
The Columbus Metropolitan Area includes four counties in Georgia, and one in Alabama. Fort Benning, the 182,000-acre military facility extending from Chattahoochee County, GA, into Russell County, AL, is the metro’s largest economic driver. More than 100,000 people are either stationed at the base or employed by it, resulting in a $4.75 billion impact on the regional economy.
The Lory of Columbus is located in the North Columbus area, known as a diverse suburban area with established neighborhoods such as Green Islands Hills and Old Town. The property is within walking distance of Old Town – a unique 300-acre development with 60 acres of commercial real estate including a town square with restaurant dining and shopping. The property is also located less than 5 minutes from I-185, making the commute to downtown Columbus less than 20 minutes and to Fort Benning 30 minutes.
This is the first acquisition in Columbus, GA for a Lexerd-sponsored fund.
Albert Lord III, Founder and CEO of Lexerd, said, “We are very excited to announce this acquisition, as we continue to search for strategic investments throughout the Southeast US. This property is located in a growing neighborhood with easy access to schools, shopping and restaurants. The Lory units are very well maintained, offering strong amenities and an ideal location providing easy access to downtown.”
Mr. Lord added, “We are always evaluating opportunities and will continue to leverage our real estate contacts in the region to enhance our growing multifamily portfolio.”