Lexington Partners and LAZ Investments have made another significant investment in the southeast with the recent acquisition of 933 apartments in South Carolina and Tennessee for $71.2 million.
Hartford’s Lexington Partners, run by well-known developer Martin Kenny, and LAZ Investments, whose principal is parking magnate Alan Lazowski, have been partnering on commercial real estate investments for years. The two companies in March purchased four properties in Columbia, South Carolina: the Copperfield Apartments; Creekside Apartments; Retreat at Broad River Apartments; and Riverbanks Retreat Apartments.
The Memphis, Tennessee, locations include Azur Tower and the SoMa 23 Apartments.
The new “Appletree Portfolio” of properties was purchased from Sante Realty Investments. Lexington said it plans to invest more than $11 million to renovate the apartment complexes.
The Appletree Portfolio acquisition brings Lexington’s southeast workforce housing holdings to 1,716 units.
Last year Lexington Partners purchased the 144-unit Bradley Pointe Apartments in Savannah, Georgia, and the 224-unit Lake Vista Apartments in Warner Robins, Georgia.
The company also owns a 415-unit complex in Hickory, North Carolina, called Apartments on 20th and the company plans to create single family rental properties in the town this year.
