HILLSBOROUGH, NC - Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has acquired Ashford Lakes, a multifamily property located in Hillsborough, NC. The property, renamed The Lory of Hillsborough, consists of 166 garden and townhome style apartments dwelling units across twenty-two (22) two-story multifamily apartment buildings and a one-story community building. The property is situated on 21.8 acres, featuring a gross rentable area of 178,944 square feet.
Terms of the transaction were not disclosed. This is the first acquisition by Lexerd in its new Lexerd Capital Partners High Yield Fund III. This is the second acquisition for Lexerd in “The Triangle” – the Raleigh, Durham and Chapel Hill areas of North Carolina.
Situated on a private lake, the property has had over $2MM in recent capital improvements, including new exterior vinyl siding and roofing, as well as refreshed amenities including a clubhouse renovation, upgraded pool, and a new pedestrian bridge over the lake. Future capital projects include upgrading countertops and appliances and adding a boat dock and lake-side deck.
Hillsborough is located in the heart of North Carolina and the seat of Orange County. The Lory of Hillsborough is optimally located between I-85 and I-40, a 15-minute drive to both downtown Durham and Chapel Hill and a 23-minute commute to the Research Triangle Park – one of the most prominent high-tech research and development parks in the United States, employing over 50,000 area residents. Top employers include Duke University & Health System, IBM, GlaxoSmithKline and Blue Cross & Blue Shield of North Carolina.
Albert Lord III, CEO of Lexerd, said, "We are very excited to add this property to our multifamily portfolio, our second acquisition in the Triangle. The area boasts a stable and diverse local economy anchored in part by education institutions, as well as a healthy mix of high-tech research and manufacturing sector firms. Hillsborough’s low cost of living and a well-educated population are also key factors that continue to drive considerable economic expansion. We believe The Lory of Hillsborough will benefit from these factors, as well as from a tight rental market as the demand for rental properties in close proximity to the Triangle remain high and supply stays low.”
Lord added, “We see positive trends for the multifamily housing market in 2020 and will continue to source attractive investment opportunities in the southeast US, creating value for our investors.”
Source: Lexerd Capital Management