Colliers Capital Markets has arranged the $66.9 million acquisition and repositioning financing for a six-property, 933-unit multifamily property across Columbia and Memphis, Tenn.
Colliers secured the loan from Ready Capital Corp. on behalf of Connecticut-based Lexington Partners LLC and LAZ Investments.
The portfolio includes Copperfield Apartments, Creekside Place, Retreat at Broad River and Riverbanks Retreat in West Columbia, as well as two Memphis mid-rise apartment developments, Azur Tower and SoMa Apartments, in the Memphis Medical District.
New owner Lexington Partners plans major renovations to common areas and exterior upgrades including new walkways and decks. Interior improvements will include new flooring and countertops as well as kitchen and bathroom appliance replacements.
“It was a pleasure to work with the Lexington Partners and LAZ Investment teams, who will capitalize on their vast knowledge and understanding of resident needs to reshape this portfolio to meet current lifestyle demands,” John Broderick, Colliers Markets executive vice president, said in a news release. “The company’s visionary approach has firmly established it as a leader in the value-add multifamily space by being able to recognize opportunities and having the in-house expertise to execute a thoughtful and creative business plan resulting in smartly repositioned multifamily communities.”
Lexington Partners and its construction arm InnoConn Construction Corp. have more than 30 years of experience specializing in the acquisition, adaptive reuse and new construction of commercial and residential developments.The areas of Columbia and Memphis have been growing rapidly. Columbia’s population has increased 10% since 2010, according to the release, while $13 billion in revitalization projects have reshaped downtown Memphis. The high concentration of logistics, medical and government jobs have helped stabilize both economies during the past decade.