Mamaroneck, NY – September 23, 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 Sunridge Apartments (“the Property”), a 332-unit multifamily property located at 145 Pioneer Parkway in the Grand Prairie area of Dallas. The property sold for $33,000,000, five years after acquiring it for $17,050,000.
LRE acquired Sunridge in 2017 as a Value-Add opportunity with favorable long-term fixed-rate agency financing. As a part of the value-add strategy, units were updated, landscaping and clubhouse improvements were made, the exterior was painted and a new playground was installed. The property features 1 and 2-bedroom floorplans with an average unit size of 511 square feet. The community offers residents a pool, basketball courts, clubhouse, gathering areas and a fitness center.
“We are very pleased with the outcome of this investment especially in the current economic environment. The Dallas market has benefited from strong growth fundamentals in recent years and we feel good about the timing of our sale. The partnerships ability to source this deal and execute on the business plan culminated in us exceeding return projections,“ said Eric Londa, Managing Partner at LRE.
LRE acquisitions focus on apartment communities in high growth primary markets where there is a supply-demand imbalance and secondary and tertiary cities with solid fundamentals, acquiring properties directly as sponsor, or forming joint ventures as the majority-LP or Co-GP. To discuss new acquisitions, recapitalizations or joint venture opportunities reach out to acquisitions@lremanagementllc.com.
