Lakeland Capital Hits Major Transaction Milestone
Lakeland Capital, a private multifamily investment company located in Charleston, has achieved a significant milestone by surpassing $250 million in total transactions. This remarkable achievement reflects the firm's ongoing commitment to expanding its operations across the Southeast.
Recent Transactions Highlight Growth
In a notable recent transaction, Lakeland Capital successfully completed the refinancing and purchase of Oaks at Victory, which comprises 150 units in Savannah. This acquisition not only adds to their growing portfolio but also signifies their strategic approach to real estate investment, particularly in the thriving Georgia market.
Leadership's Perspective
Alexander R. Westra, the managing partner, expressed his enthusiasm about the expansion, stating, "This milestone highlights our dedication to providing high-quality offerings at competitive prices in the Southeast." He emphasized the focus on leveraging their capital relationships and operational capabilities to enhance their portfolio.
Investment Strategy Focused on Long-Term Value
The transaction at Oaks at Victory was made in partnership with a new institutional equity partner, aiming to deliver sustainable long-term value through a carefully designed value-add program. Furthermore, favorable financing terms were secured due to a rigorous acquisition process, enhancing the overall investment viability.
Operational Efficiency and Management
Patterdale Management, a dedicated affiliate of Lakeland Capital, is tasked with managing properties in Savannah. By overseeing operations, they intend to achieve greater cost efficiencies and ensure thorough management oversight, critical for maximizing investment returns.
Expanding Presence in Savannah
The Oaks at Victory marks Lakeland Capital's third acquisition in Savannah within the last two years, totaling 371 units across these properties. The strategic choice to invest in this burgeoning market underscores the firm's proactive approach in identifying promising opportunities.
A Bright Future Ahead
Teddy Zinsner, Director of Acquisitions at Lakeland Capital, remarked on the strategic nature of the Oaks at Victory purchase, noting its prime location in a rapidly developing area with high entry barriers. He reaffirmed the company's intention to uncover more investment avenues within Savannah and other dynamic markets in the Southeast.
Recent Refinancing Success
In addition to new acquisitions, Lakeland Capital recently finalized a successful refinancing of a Charleston-based asset. This property, strategically located on Charleston's renowned King Street retail corridor, includes a mix of 36 residential units and 12,000 square feet of commercial space. The refinancing is expected to return nearly one-third of the initial equity.
Patterdale Management's Role
Earlier this year, Lakeland Capital established Patterdale Management to offer superior property management services, prioritizing community-focused approaches for apartment units. This initiative is part of the company's broader strategy to enhance operational efficiency and maximize long-term value for their investors.
Long-term Commitment to Investors
Since its inception in 2018, Lakeland Capital has consistently aimed for high-risk-adjusted returns by refining existing multifamily assets through substantial enhancements. With a growing portfolio encompassing over 1,000 rental units and substantial commercial space, their innovative methodologies are setting the benchmark for the industry.
Frequently Asked Questions
What recent milestone did Lakeland Capital achieve?
Lakeland Capital surpassed $250 million in total transactions, marking a significant milestone in their growth journey.
What is the Oaks at Victory?
The Oaks at Victory is a 150-unit multifamily community acquired by Lakeland Capital in Savannah, representing a key addition to their portfolio.
How does Lakeland capitalize investments?
The firm utilizes a value-add strategy and efficient management practices to drive long-term value for investors.
What role does Patterdale Management play?
Patterdale Management serves as Lakeland Capital's property management affiliate, focusing on enhancing community engagement and operational efficiency.
What is Lakeland Capital's focus for future investments?
The company is looking to identify additional investment opportunities in the Southeast, with a focus on markets like Savannah that exhibit strong growth potential.
