These sales are a strong display of our team’s capabilities to professionally operate and add value to assets we acquire.
(PRWEB) February 06, 2018
Lennox Companies (Lennox), a vertically integrated real estate owner - operator, is pleased to announce that its affiliate has successfully completed a portfolio sale of three properties totaling 475 multifamily units in Nashville, Tennessee (the Properties), which closed on January 12, 2018.
Archwood Meadows (Archwood), The Vistas, and Fawnwood were sold to an out of state investment group.
Archwood and The Vistas were owned by the Lennox affiliate in partnership with a foreign investment fund (the Investor), while Fawnwood was a wholly owned property of Lennox having bought out the JV partner in September 2014.
The 112-unit Archwood was acquired in March of 2015 for $6,770,000 and sold for $8,900,000 while The Vistas, consisting of 205 units, was purchased in February of 2015 for $10,230,000 and sold for $14,050,000. The resulting internal rates of return to the Investor were 17.35% and 18.32% respectively.
Fawnwood, which consists of 158 units, was acquired in September 2013 for $6,100,000 and sold for $12,300,000.
“Our recent disposition in Nashville has allowed us again to provide liquidity to investors,” commented Tom Intrator, Managing Partner of Lennox. “Additionally, these sales are a strong display of our team’s capabilities to professionally operate and add value to assets we acquire,” Intrator added.
Archwood and The Vistas represent the 5th and 6th exits Lennox has provided to the Investor, which owns an interest in 12 other Lennox owned and operated properties. Previous exits include Lynnfield Place, Briar Club and Cinnamon Trails in Memphis, and Fawnwood in Madison, TN. These exits realized internal rates of returns equaling 14.65%, 30.54%, 32.92%, and 55.65% respectively.
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.
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