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ApexOne Investment Partners, a Houston-based real estate investment firm, is please to announce its acquisition of Carmendy Square Townhomes, a 152-unit boutique multifamily community in Lady Lake, Florida. The property is located off US Highway 441 and within close proximity of The Villages-the fastest growing metropolitan area in the US-and approximately 25 miles south of Ocala and 50 miles northwest of Orlando. The property was acquired in joint venture with Balfour Beatty Communities of Newtown Square, PA.
"Carmendy Square is a well-leased asset in a strategic location that allows us to further develop our presence in Florida," said Jim Hearn, Founding Partner of ApexOne Investment Partners. "We are please to own and operate this property with Balfour Beatty Communities and look forward to executing our strategy and enhancing the living experience in this community."
Carmendy Square was developed in 1999 and consists of 152 two and three-bedroom townhouse style units averaging 1212 square feet. Amenities include clubhouse, 24-hr fitness facility, swimming pool, Bark-Park, sport court, playground, and Internet cafe'. All units are equipped with washer/dryer, ceramic tile flooring, large bedrooms and walk-in closets.
A comprehensive property enhancement program will begin in the Fall of 2014 and will focus on upgrades to the community amenity package and interior finishes. Upon completion of the capital program, the asset will be held in the Fund for long term cash flow and appreciation. Balfour Beatty Communities will perform all property management services.. |
