PANAMA CITY, FL – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds will include the Spring Valley Club Apartments in Panama City, FL and the Avenue 29 Apartments in Tallahassee, FL, has acquired, each of which is an apartment building at their respective locations.
The Spring Valley Club consists of twenty (20) three-story apartment buildings and one (1) community building with a total of 160 individual units. The existing equipment package of the property consists of a fitness center, a private pool with sundeck and barbecue area, a clubhouse with business center, a dog park and a collecting area for fire pits.
Avenue 29 consists of eighteen (18) two- and three-story apartment buildings and one (1) community building with a total of 324 individual units. The existing equipment package of the accommodation consists of a newly renovated 24-hour fitness center, a private pool with sundeck, whirlpool, hammock garden and barbecue area, a computer room and a business station, a library with study and an entrance gate.
The Spring Valley Club is centrally located just minutes from two of Panama City's largest employers, Tyndall Air Force Base and Bay Medical Center. All major arteries are within easy reach of the property, including Front Beach Road, FL-79 and US-98. It is one of the largest business container ports in the United States. FedEx and North America have distribution centers. Panama City is the county seat of Bay County with 186,366 residents and over 7 million tourists per year.
Avenue 29 is ideally located near major highways such as N Monroe Street and I-10. Tallahassee is the capital of the state with 390,489 residents according to the 2018 census and home to two major universities. It is a leading high-tech region with first-class research and the innovation park, a hub for emerging technology and commercial development. Tallahassee-based companies include Citizens Property Insurance Corporation, Municipal Code Corporation, Major Information Systems, the State Board of Administration of Florida (SBA) and the United Solutions Company. The top employers are government with over 25,200 employees, education with over 17,600 employees, and medicine with more than 5,600 employees at the Tallahassee Memorial and Capital Regional Medical Center.
Both the Spring Valley Club and Avenue 29 are ideally located and offer residents close proximity to demand drivers. This makes them suitable for double-income households who work in different areas of their respective MSAs.
Spring Valley Club will be renamed The Lory of Panama City and Avenue 29 will be renamed The Lory of Tallahassee.
"We are excited to acquire the Spring Valley Club Apartments in Panama City and Avenue 29 Apartments in Tallahassee," said Albert Lord III, Founder and CEO of Lexerd. "These new properties are each located in bustling and growing regions and provide tenants with quality living in thriving areas."
Lord continued, “The decision to rename the properties under the Lexerds Lory Properties umbrella conveys its consistency and alignment with the Lory brand, which provides tenants with quality they can trust and an exceptional reputation in the community wherever always you can find it. We are committed to maintaining these brand qualities with these two additions in Florida. The Lory of Panama City and Lory of Tallahassee will help Lexerd continue our mission of delivering strong risk-adjusted returns for our investors fulfill and support their communities in a meaningful way.