Prudent Growth Partners has acquired North Carolina-based Lexington Park Apartments, an apartment property. The purchase price is $4.9 million.
CHAPEL HILL, N.C. (PRWEB) MARCH 26, 2021
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $4.9 million acquisition of the 62-unit Lexington Park Apartments in Lexington, NC.
The property, built in the 1980s, is located on Everhart Road. It is a mix of one floor villa style units and two story townhouses.
“We really like these communities that attract long-term residents who are looking for a home rather than just an apartment,” said Tom Hahn, President of Prudent Growth Partners. “We will continue to be active buyers as long as we see attractive pricing and fundamentals.”
Prudent Growth is planning on some exterior common area improvements and will continue to employ the current onsite staff.
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. The firm focuses on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.