After purchasing 1,636 units in five buildings for $76.4 million ($46,669 per unit) in 2000, the privately-held investment arm of locally based Lane Co. has closed on two new assets totaling 488 units for $26.16 million or an average $53,607 per unit.
And the sister company to Realty Development Co. is scouting for more Southeast acquisitions and in Texas.
"Our view of the future is cautious but bullish as we broaden our activity base across all multifamily property types from ultra luxury, infill and to affordable suburban communities," LRA president Marc Pollack says in a prepared statement.
In its newest acquisitions, Lane paid Horse Park Partners of Conyers, GA $18 million or $63,380 per unit for the 284-unit, 324,094-sf Keswick Village in Conyers. Keswick, built in 1996, was 95% occupied at closing.
Lane expects to put in $450,000 or $1,584 per unit in renovations. Current rental rates for the property's one- to three-bedroom units range from $669 to $899 per month.
At Ocean Spring, MS Lane paid Brumfield Properties of Ocean Spring $8.16 million or an average $40,000 per unit for the 204-unit, 208,248-sf Ft. Bayou Apartments. The 20-year-old Ft. Bayou units were 90% leased at closing.
Lane is budgeting $2 million or $10,208 per unit in renovations. Current rents for the one- to three-bedroom units are $595 to $650 per month.
Lane Realty Advisors has closed on 7,000 units since 1994. Realty Development Co., Lane Realty Advisors, Lane Co. and Realty Construction Corp. are collectively known as the Realty Cos.
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