Lloyd Jones Capital Acquires Two Texas Apartment Communities
Miami, Fla. – Lloyd Jones Capital, a private equity multifamily real estate firm headquartered in Miami, Fla., has acquired the Carol Oaks and the Villa Oaks apartment communities in Fort Worth and Houston, respectively. Both are considered exceptional value-add opportunities which the company anticipates improving and rebranding in order to enhance the asset value.
Says Chris Finlay, Chairman/CEO, “These properties are a great fit for our value-add portfolio. They are both currently producing cash flow, and with selective renovations and exciting rebranding they will prove to be fabulous opportunities for our investors.”
The Carol Oaks is a gated community consisting of 224 units on 18 acres. The property is undergoing rebranding to the company’s proprietary ‘The Vibe” concept that offers on-site, high-tech opportunities for its residents with Wi-Fi and collaborative work areas. The property’s new name is The Vibe at Landry Way.
The Houston property, Villa Oaks, with 212 units of affordable housing will be rebranded as TownParc at Sherwood. This townhouse community offers large units with numerous floor plans.
According to Finlay, two additional properties – in St. Petersburg, FL and Houston – are scheduled for closing in the next few weeks. These will add an additional 610 units to the company’s growing investment portfolio. Finlay says “One of the things that gives us great confidence in the ability to turn these C and B properties into C+ and B+ assets is Finlay Management, Inc., our property management arm.” He explains that Finlay Management is an Accredited Management Organization (AMO). In fact, the company was named “AMO of the Year” of North Florida in 2013 by the Institute of Real Estate Management (IREM).
ABOUT LLOYD JONES CAPITAL
Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.
Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjonescapital.com.