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 feature at least one clubhouse, tennis courts, fitness center, pool and on-site laundry facilities. Unit amenities include private porches and large closets.
The Lightstone Group is a privately held real estate company with interests in residential, office, retail, hospitality, and industrial real estate assets.
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