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by CareyBot

The Lightstone Value Plus Real Estate Investment Trust has acquired a portfolio of five apartment communities in Florida and North Carolina from Camden Property Trust. The communities, located in Tampa, Fla., Charlotte, N.C., and Greensboro, N.C., combine for a total of 1,576 apartment units. Each community will receive interior renovations over the next three years and will be managed by Lightstone-affiliated Beacon Property Management LLC, the company said. The value of the acquisition was not disclosed. The acquisition includes Beacon Isles in Tampa (484 units); Timber Creek (352 units) and Eastchase (220 units) in Charlotte; and Beacon Glen (304 units) and Wendover (216 units) in Greensboro. Consisting of all garden style apartments that were built between 1980 and 1987, the properties...