A New York-based real estate company has added several metro Atlanta properties to its portfolio.
LRE Management has acquired three residential communities totaling 778 units for $102 million, according to an announcement.
The three properties, all built in the early- to mid-2000s, are Eastwood Village in Stockbridge; Monterey Village in Jonesboro and Peachtree Landing in Fairburn.
Each property features a mix of one-, two- and three- bedroom apartments, as well as a resort-style pool and fitness center. LRE plans to renovate select unit interiors, modernize amenities, and “implement the firm’s best-in-class operational processes and technology for property and asset management,” according to an announcement.
“Regarding the purchase of this three-asset portfolio, we believe that acquiring 2000s vintage assets in a tier-one market at pre-pandemic pricing and at a significant discount to current replacement cost represents a once-in-a-multi-decade investment opportunity,” LRE Management founder and managing partner Eric Londa said in a news release.
The acquisition brings LRE’s national portfolio to 15 properties across seven states. Founded in 2012, the firm acquires and renovates multifamily properties in the Sun Belt and Midwest regions.
News of the Atlanta-area acquisition was shared in conjunction with the announcement that professional golfer Patrick Cantlay is joining LRE as an advisor and a general partner in the firm’s inaugural fund, LRE Opportunity Fund I.
“Outside of my focus on professional golf, I have always been interested in real estate investing, particularly multifamily properties given their resiliency throughout the economic cycle and high long-term performance,” Cantlay said in the news release. “Having primarily played more of an LP role in my existing real estate investments, the timing feels right to take the next step in this parallel career.”
