Mamaroneck, NY – May 27, 2025 – LRE Management (“LRE”), a leading private real estate investment firm, announced the sale of its 77.5% Joint Venture ownership interest in Summit on 401 (“the Property”, “Summit”), fka Ardmore Pointe, a 291-unit multifamily property, built in 2012, located at 3325 Oak Forest Dr in Fayetteville, NC. The Joint Venture sold the property for $44,500,000, five years after acquiring it for $26,750,000.
LRE acquired Summit in 2020, during the peak of COVID-19 as a Value-Add opportunity with favorable long-term fixed-rate agency financing. The business plan involved improving management and operations, as the asset at the time was still owned by the original developer. A value-add program was successfully executed, which included renovations to the leasing office, clubhouse, common areas and half of the units.
The Fayetteville market is anchored by the largest military installation in the US, and one of the largest in the world, Fort Bragg. The base has created a resilient local economy, which supports a large population of military personnel and their families, civilian and contract employees, as well as related industries like defense, manufacturing, logistics and healthcare. The Property features 78 one-bedrooms, 168 two-bedrooms and 45 three-bedroom floorplans, a pool, state-of-the-art fitness center and dog park.“We acquired Summit during the Pandemic, at a time when many institutions were sidelined, not unlike today. However, we were confident with Fort Bragg being the major economic driver, coupled with limited supply in Fayetteville, and buying with long-term fixed rate agency debt at a great basis, we could weather any peaks and valleys and exit at an opportune time,” said Eric Londa, Founder and Managing Partner at LRE. “This thesis proved correct, military housing allowances helped maintain a low delinquency rate, even through the Pandemic, and we saw 60% rent growth over our 5-year hold, exceeding even our most aggressive rent projections.”
Summit’s sale marks LRE’s first transaction in 2025. However, LRE has been a net buyer over the last 12 months, having acquired four assets comprising 938 units, and disposed of two assets comprising 767 units. LRE is actively deploying capital via LRE Opportunity Fund I, and is focused primarily on Multifamily assets in select markets across the Sun Belt and Midwest regions.
About LRE Management
Since its founding in 2012, LRE has acquired over 6,600 units across 10 states, with transactions totaling more than $1.2 billion. The firm’s goal is to deliver consistent, risk-adjusted returns to its investors through disciplined asset selection, active management, and operational excellence while improving communities for residents. To learn more please visit lremanagementllc.com and follow us on LinkedIn.
