COLUMBIA, SC - Lexerd Capital Management, a New Jersey-based real estate firm, in a joint venture partnership with LMS Harbison announced the acquisition of The Lakes at Harbison, a multifamily property located in Columbia, South Carolina. The property, renamed The Lory of Harbison (“The Lory of Harbison”), was originally constructed in 1980 and contains 124 dwelling units on 9 acres, featuring a gross rentable area of 142,120 square feet.
Terms of the transaction were not disclosed. This is the first joint venture acquisition for Lexerd, and their third overall acquisition in 2020.
The Lory of Harbison apartments are located in the very desirable Harbison neighborhood of northwest Columbia, SC. Located near I-26 and I-20, the Lory of Harbison offers residents access to Columbia’s premier destination retail district and to the metro’s most prolific employment centers.
As South Carolina’s capital city and the seat of Richmond County, Columbia is a university town with a grounded state government employment base. Columbia is home to Fort Jackson, the U.S. Army’s largest training center as well as the downtown campus for the University of South Carolina. Located just 90 miles south of Charlotte, Columbia is situated midway between Greenville and Charleston, two of the fastest growing manufacturing centers in the country, at the convergence of Interstates 20, 26, and 77.
"We are excited to partner with LMS Harbison on our first joint venture acquisition,” said Albert Lord III, CEO of Lexerd. “We are very pleased to have closed on this deal, especially given the challenging market environment during the Covid-19 crisis. The Lory of Harbison is a well-maintained, updated property in a highly sought after section of Columbia, SC. Partnering with LMS Harbison to acquire an asset of this caliber, in a key growth market of the southeast US, represents an important step forward in expanding value creation for our shareholders and is a terrific addition to our growing real estate portfolio.”
Source: Lexerd Capital