Connecticut developer acquires 4 multifamily properties in Columbia

Listen to this article

Connecticut-based Lexington Partners LLC has acquired multifamily four properties in Columbia as part of its purchase of 933 workforce housing apartment units in South Carolina and Memphis, Tenn.

An affiliate of Lexington Partners purchased the portfolio for $71.2 million from Sante Realty Investments. The buyer’s lender is New York City-based Ready Capital, which loaned $67 million for the transaction.

The portfolio includes Copperfield Apartments, Creekside Apartments, Retreat at Broad River Apartments and Riverbanks Retreat Apartments in Columbia in addition to Azur Tower and SoMa 23 Apartments in Memphis. Lexington is investing $11.8 million to renovate the properties, according to a news release.

Globalvestment Capital Partners of Toronto brokered the sale, which closed March 28. The newly acquired portfolio brings Lexington’s Southeast workforce holdings to 1,716 units.

Lexington Property Management, Lexington’s management arm headed by Christopher P. Reilly, will oversee renovations and manage the properties.

“We are excited to enter the Columbia and Memphis markets and re-position these properties, all of which are in prime-workforce areas proximate to tens of thousands of jobs” said Martin J. Kenny, Lexington Partners LLC founder and CEO.

In 2021, Lexington purchased the 144-unit Bradley Pointe Apartments in Savannah and the 224-unit Lake Vista Apartments in Warner Robins, Ga. Lexington also owns an additional 415-unit portfolio in Hickory, N.C. called Apartments on 20th.

Established in 1994, Lexington specializes in the redevelopment of projects with environmental challenges and ground-up construction. In 2018, the company was revamped with a focus on acquiring thousands of units in strategic East Coast markets.

The company currently has more than 900 units under development or in pre-development stages.