Partnership of Lexington Asset Management and Kaufman Realty Group Purchases 312-Unit Apartment Complex in Atlanta

Atlanta, GA, November 28, 2013 --(PR.com)-- A partnership of Memphis-based Lexington Asset Management and Atlanta-based Kaufman Realty Group recently announced the acquisition of a 312-unit apartment building in Sandy Springs, ½-mile north of the Atlanta neighborhood of Buckhead. This property, formerly known as Avistelé at Andalusia, was acquired directly from a lender that had just foreclosed on the asset. The price was not disclosed.

The new owners are rebranding the property "Park 225". This property was built in 1968 and remodeled in 2006, but had suffered from deferred maintenance over the last few years. The new ownership group plans to upgrade the property through physical improvements and improve the resident experience by providing professional management. The Worthing Companies, based in Atlanta, has been retained for property management.

"This property offers a wide variety of floor plans in a very high demographic area,” said Craig Kaufman, President of Kaufman Realty Group. “Despite the deferred maintenance at the time of sale, the property was at 95 percent occupancy, which is a testament to the quality location and access to the major employment centers. We were eager to partner with Lexington on this investment and appreciate the hands-on property management experience they bring to the table.”

"We are excited to partner with the Kaufman Realty Group to work on this asset,” said Eric Clauson and Christian Brodin, Principals of Lexington Asset Management.
“This asset is virtually in their backyard, where they live and work, and they bring disciplined asset management to the transaction.”

Kaufman Realty Group (www.kaufmaninc.com), a real estate investment firm founded in 1994, has a track record of creating value for its stakeholders. Its property investments have been in locations ranging from Georgia to Alabama, Colorado, Florida, North and South Carolinas, and Tennessee. As disciplined stewards of capital, the Kaufman team diligently studies market fundamentals and macro-trends before starting a new venture, and then remains focused on the hands-on execution of the business plan.

Lexington Asset Management (www.lex-asset-mgmt.com) is a subsidiary of Lexington Corporation, a real estate investment advisory firm founded in 2003. The company is focused on identifying multifamily investment opportunities which offer opportunity for repositioning through strategic investment and disciplined asset management. The company oversees more than 2,500 apartment units spread across Tennessee, Georgia, North Carolina, Illinois and California.