Nashville, Tennessee– Covenant Capital Group, LLC today announces the April 28th acquisition of two apartment communities: Oak Grove at Lexington in Lexington, Kentucky and Oak Grove Wildewood in Columbia, South Carolina.
A commingled fund managed by Covenant Capital Group acquired Oak Grove at Lexington Apartments, a 230-unit apartment community, for $15.84 million. The Fund obtained a new $11.0 million mortgage provided by Freddie Mac to finance the acquisition. Oak Grove Wildewood Apartments is a 264-unit apartment community acquired for $16.15 million, of which $10.6 million was financed with a mortgage provided by Freddie Mac.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “The Fund targeted Oak Grove at Lexington and Oak Grove Wildewood due to their superior locations in their respective markets. Oak Grove at Lexington is located along Man O’ War Boulevard in Southeast Lexington, one of the premier addresses in the city. Oak Grove Wildewood has access to Interstate 20 enabling residents to have an easy commute into downtown Columbia while enjoying the benefits of an adjacent park, high-end retail, and residential setting.
Both properties, originally constructed in 1997, feature modern floor plans, nine foot ceilings, and attractive architecture. The Fund plans to execute its value-add strategy, fully leveraging the “A” locations and positioning the assets once again as market leaders. The business plans include updating interior unit finishes, enhancing landscaping, and upgrading the amenities. Bell Partners will manage both of the properties.”
Covenant’s $140 million Fund now holds fifteen properties including the two most recent additions to the portfolio. The Fund will continue to target additional attractive value-add investments in apartment communities.