SUMMIT, N.J.--(BUSINESS WIRE)--Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, announced today that one of its funds has acquired Springs at Braden River, a 270-unit garden style multifamily community located in Bradenton, Florida. Lexerd renamed the property “The Lory of Braden River.” The purchase consists of 15 residential buildings and one leasing office/amenity building on approximately 41 acres.
Terms of the transaction were not disclosed.
The city of Bradenton is located in Manatee County, on the Manatee River, just south of Tampa. Braden River is located just one mile from I-75, making regional employment centers, retail destinations and recreation areas very easily accessible. Some of the largest employers of Bradenton are located within minutes of Braden River including Beall’s headquarters, Manatee Memorial Hospital, Tropicana headquarters, IMG Academy, and the municipal buildings of Manatee County and the City of Bradenton. Just south along Interstate 75 is University Town Center, a major retail destination along University Parkway, anchored by The Mall (Saks Fifth Avenue, Dillard’s and Macy’s) and home to many big box retailers, national brand restaurants and specialty shops. In addition, the Sarasota-Bradenton International Airport is just seven miles southwest.
Albert Lord III, Founder and CEO of Lexerd, said, "We are pleased to grow our portfolio through continued investment in Florida. Braden River is in a highly desirable section of Bradenton, between the city’s active downtown area and the prestigious residential community of Lakewood Ranch. It is a well-maintained community with a strong operating history and several upgraded units. We see a tremendous opportunity to add value through additional interior renovations, featuring some of the latest design and efficiency trends in the industry.
Lord added, “We will continue to work to find unique investment opportunities both in Florida and throughout the greater Southeast US region.”
Effective immediately, Lexerd Capital has officially launched their new brand, “The Lory” for their new multifamily portfolio acquisitions. A lory is a small, brilliantly colored Australasian and Southeast Asian parrot. This launch will include a new brand, structure, logo and website. The Lory brand is the initial step in communicating the organization's enhanced platform and value-oriented strategy.
Mr. Lord, said, “we are passionate about the success of our properties and our resident base, and have decided to rebrand our properties as ‘The Lory.” We intend to roll out the Lory brand to the rest of the portfolio.”
About Lexerd Capital
Lexerd Capital Management LLC is a private equity firm that primarily invests in opportunistic middle market multi-family real estate investments throughout the United States. Lexerd was founded in 2006 by Albert L. Lord III while he was raising capital and advising on a $440 million bid to acquire the Washington Nationals baseball team from Major League Baseball. Lexerd has managed over $400 million in assets since its founding. Lexerd also has several joint ventures with established real estate management companies who operate those properties on a daily basis. For more information, please visit www.lexerdcapital.com.