ATLANTA — LRE Management has acquired a multifamily portfolio located in the Atlanta metro area for $102 million. The seller was not disclosed.
Totaling 778 units across three properties, the portfolio comprises Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center.
LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as modernize the amenities and implement new property management.
“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-multiple-decades investment opportunity,” says Eric Londa, founder and managing partner of LRE.