Mamaroneck, NY – June 7, 2022 – LRE Management LLC (“LRE”), a national real estate private equity firm, today announced that a Joint Venture entity in which it has an 85% equity interest has sold Madison Grove Apartments, a 171-unit multifamily property located at 7045 N 7th St. in the Uptown area of Phoenix. The property sold for $51,300,000, or $300,000 per unit, four years after acquiring it for $21,700,000, or $126,900/unit.
LRE acquired Madison Grove in 2018 in an off-market transaction, as a Core-Plus deal, immediately after the property had undergone a full renovation. It is located in the desirable 7th Street Corridor, an area known for its restaurants, shopping and entertainment, and in close proximity to employment centers. Madison Grove features 1 and 2-bedroom floorplans with an average unit size of 576 square feet. The community offers residents a resort style pool, modern clubhouse, gathering areas and a fully equipped gym.
“The Phoenix market has benefited from some of the best growth fundamentals in the country in recent years. This coupled with expert execution of the business plan enabled us to generate significant returns for our investors,“ said Eric Londa, Managing Partner at LRE.
LRE acquisitions have focused on the Sun Belt region, encompassing the states found in the Southeast and Southwest, targeting apartment communities in high growth primary markets where there is a supply-demand imbalance and secondary and tertiary cities with solid fundamentals. LRE typically invests as a majority-LP or Co-GP. To discuss new acquisition and joint venture opportunities reach out to acquisitions@lremanagementllc.com.
