We are excited about the recent buyout of Lynnfield as it allows us to continue providing liquidity and returns to our investors as well as enabling us to continue holding great assets for the long-run.
(PRWEB) January 23, 2018
Lennox Companies (Lennox), a vertically integrated real estate owner - operator, is pleased to announce that its affiliate has successfully completed a refinance and simultaneous buyout of Lynnfield Place Apartments, in Memphis, Tennessee (Lynnfield or the Property) which closed on November 28, 2017.
The Property, currently valued at $32.7 million, was purchased for $22,420,000 on November 19, 2014 through a Joint Venture with a foreign investment fund (the Investor). The Investor provided $5,936,000 in equity at acquisition.
During the holding period, distributions to the Investor, which were paid on a quarterly basis, averaged 8.3% per annum and upon buyout, the Investor realized a net internal rate of return (IRR) of 14.65%.
“We are excited about the recent buyout of Lynnfield as it allows us to continue providing liquidity and returns to our investors as well as enabling us to continue holding great assets for the long-run,” said Tom Intrator, Managing Partner of Lennox Companies.
This is the fourth exit Lennox has provided to the Investor, which at the time of this closing, owned an interest in 14 other Lennox owned and operated properties. Previous exits include Briar Club and Cinnamon Trails in Memphis and Fawnwood in Madison, TN. These exits realized internal rates of returns equaling 30.54%, 32.92%, and 55.65% respectively.
Built in 1974, Lynnfield is a 400-unit community consisting of one, two, and three bedroom units. Amenities include a club house, courtyard, fitness center, kid’s park, swimming pool, tennis court, townhomes, and on-site maintenance. Units feature walk in closets, washer and dryers, air conditioners, and garbage disposals among others.
"Lynnfield Place represents who we are and what we do best. As property owners, we have a mission to provide quality housing to our tenants," commented Jonathan Wogan, President of Lennox Companies. He continued, "We strive to create a sense of community among our residents while catering to their needs in the hope of creating long-term relationships."
Visit Lynnfield Place online at https://lynnfieldplace.prospectportal.com/
About Lennox Companies
Lennox Companies is a vertically integrated, private real estate owner-operator with current holdings in multifamily, office, and retail assets and employing approximately 100 dedicated team members. The company currently owns and operates approximately 4,000 multifamily units. Lennox actively pursues acquisitions of cash-flowing real estate in which there is opportunity to add value as well as developments and redevelopments located throughout the Southeast and Midwest.
Visit Lennox Companies online at http://www.lennoxcompanies.com/
Visit Lennox Living, a division of Lennox Companies online at http://www.lennoxliving.com/