Balfour Beatty Communities and ApexOne Investment Partners have acquired Ridgeland, Mississippi-based Lexington Apartments, a 220-unit apartment community. No financial terms were disclosed.
MALVERN, Pa.–(BUSINESS WIRE)–Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, has expanded its multifamily portfolio with the acquisition of a new property in Ridgeland, MS. The acquisition of Lexington Apartments—a 220-unit community—was completed as part of a joint venture with longtime partner, ApexOne Investment Partners.
The gated community built in 2000—which is being rebranded as Ridgeland Place—is ideally located in the upscale Northeast section of Jackson, MS and within close proximity of several major employers including Select Specialty Hospital, Nissan North America and Comcast. Apartment homes are available in one-, two- and three-bedroom models and feature a number of amenities including private outdoor areas, fully-equipped kitchens and ample storage space. In addition, Ridgeland Place showcases several community amenities including a sparkling pool with sundeck, fitness center, and playground.
“Ridgeland appealed to us given its premier location within an award-winning school district, flourishing retail and entertainment offerings and accessibility to major highways,” said Michael Price, vice president of residential transactions for Balfour Beatty Communities. “We look forward to adding value to the community through modern renovations and raising the bar for an exceptional living experience with our management expertise.”
Balfour Beatty Communities will self-perform property management services and invest in a series of capital improvements at the property, including upgrades to unit interiors, the community amenity package and overall curb appeal.
About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About ApexOne Investment Partners
ApexOne Investment Partners is a privately held real estate investment firm and fund manager. Our platform was created to isolate, acquire, enhance and operate multifamily real estate. Our leadership brings over 150 years and $15B of cumulative real estate experience to each investment. We identify assets where a combination of physical enhancements and focused asset management will have a positive influence on our community residents resulting in maximizing investor returns and mitigating investment risk.