Continental Properties has sold the Springs at Braden River apartment complex to Lexerd Capital Management for $38.7 million. The new Jersey-based sponsor of private equity funds picked up the 270 unit garden-style multifamily community in Bradenton, Fl. for just under $143,335 per unit. The asset, which will be rebranded as The Lory of Braden River, encompasses 15 residential buildings and one leasing office/amenity building on a 41 acre site. The renaming is part of Lexerd Capital’s new brand, “The Lory,” which the company intends to roll out to the rest of its portfolio. Albert Lord III, founder and CEO of Lexerd said the asset is well-maintained and that the company saw an opportunity “to add value through additional interior renovations.”
