WEST MONROE, LA—Lexerd Capital Management LLC, a Summit, NJ-based private equity fund, announced today that it has acquired a 120-unit building complex here. The community, formerly called Glenwood Townhomes, has been renamed Shadow Glen. Terms of the transaction were not disclosed.
The most recent acquisition by the company in its Lexerd Capital Partners High Yield Fund, prior acquisitions have included other multifamily residential buildings in the southeastern US. Shadow Glen will by managed by San Antonio-based First Choice Management Group.
The purchase consists of 17 buildings—16 two story residential buildings and one leasing facility.
“We are very pleased to add to our portfolio a property in a city that is home to many Fortune 100 companies,” said Albert Lord III, CEO of Lexerd, said. “We are impressed by the demand for well-located apartment communities in West Monroe, as evidenced by the strong average occupancy rate of local rental comps.”
Shadow Glen is located along the Interstate 20 corridor.
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