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.
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