Lexerd Capital Management has acquired Louisville, Kentucky-based The Lory of Louisville, a multifamily property. No financial terms were disclosed.
SUMMIT, N.J.–(BUSINESS WIRE)–Lexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, announced today that one of its funds has acquired “Anchorage Viera” a multifamily property located in Louisville, Kentucky. The property, renamed The Lory of Louisville (“The Lory of Louisville”), consists of nineteen (19) two-story multifamily apartment buildings and one community building. Originally constructed in 1985, the buildings contain one hundred sixty-three (163) dwelling units on 13.45 acres, featuring a gross rentable area of 146,610 square feet.
Terms of the transaction were not disclosed. This is the first acquisition for Lexerd in the Louisville, Kentucky area and the second acquisition for the Lexerd Capital Partners High Yield Fund III in 2020.
The property has had over $2.5MM in recent capital improvements, including new Hardiplank siding, roofing, parking lot seal and stripe, and refreshed amenities including a clubhouse renovation. Future capital projects include updating kitchens with backsplash and upgrading fixtures, as well as installing soft seating and a television lounge to the common pool area.
Louisville is the largest city in Kentucky and part of the Louisville-Jefferson County, KY-IN Metropolitan Statistical Area (MSA). The city is home to dozens of companies and organizations across industries including two large Ford Motor Company plants, a GE Appliance factory headquarters and several Fortune 500 companies such as Yum! Brands Inc., Kindred Healthcare and Humana Inc. The Lory of Louisville is optimally located off of Shelbyville Road (US-60) between I-265 and I-64, just 15 minutes from downtown Louisville’s shopping, business districts, fine dining and entertainment.
“We are very pleased to announce this acquisition, Lexerd’s first investment in Kentucky,” said Albert Lord III, CEO of Lexerd. “The Lory of Louisville is a well-maintained community with a strong operating history, located in the desirable East End section of Louisville. We see a tremendous opportunity to add value to the property through additional interior and exterior renovations. In addition, Louisville’s excellent underlying fundamentals, impressive population growth and thriving business culture, particularly in technology and aging healthcare, make this property an attractive addition to our growing real estate portfolio.”
About Lexerd Capital
Lexerd Capital Management LLC is a private equity firm that primarily invests in multi-family real estate investments throughout the United States. For more information, visit www.lexerdcapital.com.