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Lloyd Jones Capital Attending the 2016 Multifamily Executive Conference

MIAMI, Fla. – Lloyd Jones Capital’s executive team is attending this year’s Multifamily Executive Conference in Las Vegas, NV Sept. 19-21 at the Bellagio Hotel.

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. The firm’s executives attending the conference work on both acquisitions and operations of multifamily assets in Texas, Florida and South Carolina and are excited to attend the three-day conference and engage with other multifamily and private equity professionals.

Kathy Hensley, Chief Operating Officer of the firm’s vertically integrated property management arm, Finlay Management Inc., is attending the conference along with Stephen Selby, Director of Investments for Florida and South Carolina. “Many of us can find ourselves in a bubble so focused on our firm’s goals. These national, industry-focused conferences are a great way to get a broader perspective into the latest happenings within the industry,” said Selby, a multifamily professional with over 15 years of experience raising private equity for multifamily real estate. “The theme of the conference this year is operational excellence, which is always our goal, whether it be through underwriting and due diligence or property management.”

The 2016 Multifamily Executive Conference will offer an opportunity to connect with industry associates in property management, lending and private equity. “We look forward to connecting with the speakers and attendees while discussing the latest trends and current environment of the multifamily industry,” Hensley said.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjones.wpengine.com.

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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Skip the Flip in Multifamily Investment

It’s time to go long.

Historically, multifamily investment has been about long-term, cash-flow returns. However, in recent years, as the industry caught the eye of private equity, the emphasis turned to a property’s IRR or Internal Rate of Return.

The “fix and flip”, the “value-add” became the standard: short hold, quick fix, big return. And the multifamily real estate buying frenzy began. The strategy has proved to be very profitable over the past five or six years, but in my opinion, those days are (almost) gone – for several reasons.

TODAY, THERE’S NOT ENOUGH MEAT left on the bones of C and B properties to ensure investors of increased rents and resultant returns. The fix and flip strategy had been to buy an apartment community and execute a “value-add” to approximately 20% of the units, thus leaving “meat on the bone” for the next investor. At the same time, the investor would raise the rents to cover the cost of the improvements. So rents increased, NOIs rose, prices went up, and the buying frenzy continued.

The next investor then thought he could upgrade another 40% of the units. But in fact, as cap rates fell and he had to pay more for the asset, he had to rehab 70% or 80% to reach his hurdles, leaving almost nothing left for the following investor. Consequently, today, after a couple of “flips”, most “value-add” deals don’t make financial sense.

RENTAL RATE INCREASES  Because of demand, rents have risen sharply in nearly every market, but according to economists, that increase should moderate to about 3.5 to 4% due to new construction coming online. Consequently, investors cannot assume drastic rent increases in their acquisition proformas. If it doesn’t work now, it won’t work in the future.

THE ECONOMY:  We’re long into our economic expansion cycle having exceeded the historic five-year average, but today in the US, growth is virtually stagnant. Are we reaching the peak? The good news is that multifamily real estate will continue to be among the strongest asset classes (if not #1) for reliable, steady returns regardless of the stage of the economic cycle. Why?

DEMAND: There is still an unfulfilled demand that is expected to be with us for a long time. That is the multifamily investment’s ace in the hole. Seventy-five million millennials plus another 75 million baby boomers. The multifamily rental business is poised to perform better than any other asset class. We have all read about millennials and their student loan debt and inability to afford a home. I personally think it has little to do with money. It’s about lifestyle, flexibility, and priorities. Young people want flexibility to move to that next job; they want amenities and social interaction. A house is not a priority to them. Retiring baby boomers, on the other hand, have “been there; done that.”  They are ready to free themselves from the burdens and expenses of home ownership. Whatever the reason, more people are renting today than at any time in the past 51 years.

INTEREST RATES: This brings us to interest rates – a very key and important ingredient in real estate investment. Who knows what might happen next? Answer: Nobody. One thing we do know: there’s little likelihood of a reduction in interest rates, although it’s not impossible. In Europe, where the real rate is in negative territory, some banks are considering storing money in their vaults because of the negative yields. It costs them money to make loans! And the US is getting close to that level. (See my blog post from June 14, 2016, titled “Is it time to keep your money under the mattress?“) But luckily for the multifamily investment industry, this big question mark can be taken off the table. We can counter the risk by locking in fixed rates today. We know what our debt will be for the duration of our investment.

So what does all this have to do with “going long”?

Multifamily investment is probably the most stable, reliable investment one can choose. But the strategy has changed. It’s time to “go long.” Forget about the unrealistically high-return value-adds so prevalent at the beginning of this cycle. They no longer exist. Lloyd Jones Capital recommends buying quality properties that produce consistent cash flow. Focus more on yield than IRR. Consider a long-term hold and do not over-leverage. Then, assuming good management, you should enjoy a reliable, long-term return on your investment.

Christopher Finlay is Chairman/CEO of Lloyd Jones Capital, a private-equity real-estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, manages and improves multifamily real estate on behalf of its institutional partners, private investors and its own principals. Headquartered in Miami, the firm has operations throughout Texas, Florida and the Southeast. For more information visit: lloydjones.wpengine.com.

Lloyd Jones Capital Acquires 204-Unit Multifamily Real Estate Asset in South Carolina

MIAMI, Fla. – Lloyd Jones Capital, a private equity multifamily real estate firm, has acquired Waters Edge at Harbison in Columbia, South Carolina. The 204-unit apartment community is located in Northwest metro Columbia at 250 Crossbow Drive.

This garden-style multifamily property offers competitive amenities and will receive some renovations. “Upon closing, Lloyd Jones Capital will complete renovations to meet market demand,” said Chris Finlay, Chairman & CEO of Lloyd Jones Capital.

Lloyd Jones Capital’s property management arm, Finlay Management Inc., will ensure the asset is effectively managed. “Located in the largest city in South Carolina, with employment growing 4.2 percent year over year, this multifamily asset is a great long-term investment when coupled with our property management systems,” said Mr. Finlay.

Lloyd Jones Capital’s strategy involves acquiring multifamily real estate assets in growing markets throughout Texas, Florida and South Carolina. “We’ve watched closely as Columbia has become one of the fastest growing cities in the Southeast. Data shows that the metropolitan area’s population has increased by 19 percent since 1990,” Finlay said.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjonesllc.com.

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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Lloyd Jones Capital’s CEO Will Moderate Panel at CapRate’s 2016 Texas Multifamily Summit

DALLAS, TX – Lloyd Jones Capital’s Chairman and CEO, Chris Finlay, is moderating a panel at CapRate’s Texas Multifamily Summit in Dallas on May 24, 2016 at the Andrew Ornsby at Cityplace Events Conference Center.

The panel is titled 2016 Texas Multifamily Overview: Will The Low Cost of Debt, Strong Millennial Rental Demand and a Tech-Driven Economic Recovery Continue? and will take place from 11 a.m. to 11:40 a.m. CST. During the discussion, Mr. Finlay will moderate five panelists who work in the multifamily and private equity sectors. “We will be focusing the discussion on the latest trends affecting emerging submarkets in Texas as well as how and why millennial’s are driving rent growths,” said Chris Finlay, who has over 30 years of experience in the commercial multifamily real estate industry.

Lloyd Jones Capital is a private equity multifamily real estate firm with locations and investment properties in Florida, South Carolina and Texas. The firm’s affiliate property management firm, Finlay Management, Inc., will also have a representative attending the conference—Shyla Shepard, the Vice-President for Texas. During the one-day conference, Shepard will be a panelist on a Multifamily Operations/Asset Management Workshop: Programming the Amenity Space and Other Strategies that Add Value. “I am looking forward to speaking at the 10:10 a.m. CST panel about operations strategies, industry trends and best practices,” Shepard said.

The summit is hosted by CapRate Events, LLC, a digital media firm that specializes in commercial real estate events. In addition to Mr. Finlay, other prominent industry stakeholders will be attending and speaking in an effort to foster high-level panel discussions and networking. An exhibit will be displayed in the arena, catering to the hundreds of senior-level executives representing the multifamily industry.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjonesllc.com.

 

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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Lloyd Jones Capital Acquires Two Multifamily Communities in Orlando

MIAMI, Fla. – Lloyd Jones Capital, a private equity multifamily real estate firm, has acquired the Pendleton Park Apartment Villas & Carlyle Court Apartment Homes near downtown Orlando. The two properties offer a variety of studios, one-, two- and three-bedroom, one-story apartment rentals.

The new acquisitions are adjacent properties located on Curry Fort Road, close to highway access, schools, major universities, dining and retail stores. Select units will receive partial internal renovations including new cabinetry, plumbing and flooring, which will complete the upgrades installed by the former owner. Finally, select amenities will be upgraded, which include a new clubroom. “These are very well-maintained properties in an improving neighborhood,” said Chris Finlay, Chairman and CEO of Lloyd Jones Capital. “They will produce excellent cash-flow for our investors.”

The two acquisitions add 310 units to the company’s growing portfolio. The company anticipates another closing this month with several more in the pipeline. “Good properties are hard to find in this market,” says Finlay. “It takes patience, local knowledge, and diligent underwriting to recognize a good investment. Then it’s up to our operations team to ensure it performs well. Property management is one of the most critical aspects of multifamily investing. We are proud to have a successful history of operations with our partner, Finlay Management,” said Mr. Finlay, who is also the Chairman and CEO of Finlay Management, Inc.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjonesllc.com.

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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A Recap of Lloyd Jones Capital’s CEO Panel Discussion

The Lloyd Jones Capital team had a great time networking with other investment firms and more importantly, investors from around the world, at Opal Group’s 2016 Real Estate Investors Summit. Our firm had a booth where we connected with investors and shared our strategies in regards to real estate investing, previous deals and the types of returns we have achieved for our clients.

In addition to the networking and social events, our Chairman and CEO, Chris Finlay, was asked to speak on a panel on the first day of the summit about investment strategies and styles. During this panel, Dean Crombie, the moderator and Senior Trustee at New Hampshire Retirement System, asked a lot of good questions about the real estate market. Some of the questions included: Where are we in the real estate cycle? What types of multifamily strategies are investment firms using? In what state is multifamily real estate booming?

A few keynotes our CEO mentioned on the panel:

– The key to real estate investing is good management and not over leveraging.

– Class C real estate is the last to be affected by a recession and the first to rebound, providing low risk.

– While the oil bust is hurting some areas in Texas, many other parts, including Houston, are thriving with an influx of new residents, who all need places to live.

– South Carolina is a state that Lloyd Jones Capital focuses on because of the thriving job growth and population growth. These are indicators that rental demand will be high.

– Many different demographics are choosing to rent and there is a lot of new data proving Millennials are driving this trend. This movement is another positive indicator for the multifamily real estate market.

Follow Lloyd Jones Capital on Twitter, Facebook and Linkedin and make sure to share this blog post with your friends and family.

Lloyd Jones Capital Will Attend Opal Group’s 2016 Real Estate Investors Summit on Miami Beach

MIAMI, Fla. — Lloyd Jones Capital will attend Opal Group’s 2016 Real Estate Investors Summit on March 29-30 at the Eden Roc Hotel on Miami Beach.

Lloyd Jones Capital, a private equity multifamily real estate firm, is sponsoring a breakfast event on the first day of the summit, Tuesday, March 29th from 7:30 a.m. to 9 a.m. In addition, the firm’s Chairman and CEO, Chris Finlay, has been chosen to appear as a panelist on the Investment Styles & Strategies panel scheduled for 10:45 a.m. on the same day. “I look forward to speaking at this year’s Real Estate Investors Summit along with other investment experts and offering insight about multifamily real estate investing,” said Chris Finlay, who is also the Chairman and CEO of Finlay Management, Inc., a multifamily property management firm.

Lloyd Jones Capital is hosting a booth during the two-day summit, providing information about the firm’s multifamily investment services and its executive team. “Opal Group is a stellar organization that provides an excellent venue to network with peers and industry professionals,” Finlay said. “My team and I are looking forward to educating attendees about a variety of multifamily investment niches and strategies.”

With more than 35 years of experience, Finlay has led the firm to close numerous transactions and is eager to pair new, lucrative multifamily investments with new investors. “We look forward to connecting with hedge fund managers, private investors, family office managers, institutional investors and pension funds attending this year’s summit. Our investment services and know-how can offer real value and produce significant yields for our clients,” Finlay said.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjonesllc.com.

 

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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Thank You, Harvard. New Study Confirms Multifamily Rental Growth

Thank you, Harvard.

Once again, Harvard’s Joint Center for Housing Studies has published a brilliant paper on the status of rental housing. This study supports what we have been saying for the past couple of years– but says it much better than I can. I thought I would share some of the findings relevant to the multifamily investment community and add my two cents. (You can ignore my two cents, but do read the study. It is very interesting.)

 

Among the findings:

Renter Households Number Almost 43 Million (Out of 116 Million Households)

  • Renters now represent 37% of all households, the highest number since the mid-1960s.

That’s a lot of renters, and they need decent housing.

 

Rental Demand is Broad-Based

  • Income: Renters in the top income bracket grew by 61%. In fact, households with incomes of $100,000 or more accounted for 18% of the rental growth from 2005 to 2015.
  • Household size: Single-person households or married couples without children represented half of the growth.
  • Age: The number of renters aged 50 and over grew 50% in the past ten years. In fact, Baby Boomers (50+) represented the largest share of rental growth.

In fact, households of all generations and all income levels have created an increasing demand for rental housing. We now have 43 million renter households in America. And Millennials – the typical, young, first time renters – are still living at home – 25 million of them! Add that to the current 43 million. On top of that, Baby Boomers are predicted to occupy another 12 million rental units in the coming years. That’s a huge pent-up demand! These are astonishing rental housing demographics. And the study suggests that growth in the adult population alone will increase these numbers.  

 

Investors Are Seeing Strong Returns

  • Annual returns grew to 12% in the 3rd quarter of 2015. Historically they have averaged 9.5%.
  • Cap rates are down to about 5 percent, the lowest since the housing bubble.

And this is why Lloyd Jones Capital advises caution when investing in multifamily real estate assets. There is too much capital chasing too little supply. You have to be very careful not to be caught up in the real estate buying frenzy. And be sure you have a seasoned operator who can manage the investment asset.  From personal experience, we know the importance of dedicated property management to the success of any project, which is why we have worked very hard to create the finest management arm in the industry.

 

Housing Affordability is a New Challenge

  • Housing costs are up 7% in real terms since 2001; median renter household income is down 9% in real terms.
  • “Burdened renters” (those spending more than 30 percent of income on housing costs) now number 21.3 million, half of whom are severely burdened (spending 50% of income on housing costs).
  • There are 11.1 million extremely low-income renters (30% of median income) and only 7.2 million units affordable to them.

There’s a lot of new multifamily rental construction, but it is only for high-income renters. The very-low-income renters have at least some assistance. It’s the middle-income American workforce that lacks a supply of quality housing.

 

Federal Assistance Falls Short

  • Since its inception in 1986, the Low Income Housing Tax Credit (LIHTC) Program has added or preserved more than 2.2 million units. (However, many affordability periods will end between 2015 and 2025 which could jeopardize affordable housing options.) This program provides affordable housing to households earning less than 50% or 60% of median income.

This sounds good, and the LIHTC units are typically well constructed and well maintained. As a developer of approximately 40 LIHTC communities throughout the US, I know the program well. However, what began with great intentions during the Reagan era, has subsequently been diluted by all the layers of bureaucracy and special interests. Now, in fact, the cost to construct a LIHTC property can be double that of a market rate, Class A property.

  • The United States Department of Housing & Urban Development (HUD) has programs, including the voucher assistance, which cover very-low-income households (those earning less than 50% of median income). But real funding for those programs remains below 2008 levels. And the average wait time for a voucher is 23 months.

I have some suggestions here, but will leave the details up to those who understand the HUD housing programs better than I. There are a lot of programs for the very poor. But what about the American workforce that also struggles to find affordable housing? These households don’t have all the assistance that is available to the very low income households. If you took all the money poured into various programs, including LIHTC, and applied it directly to vouchers, I suspect households would be moving out of bad neighborhoods and into safer communities. First, I would expand the voucher program. I would include households above the “very low-income” levels (50% of median income). I would give the low-to-middle income earner some financial assistance, and then let the household choose a neighborhood. Right now, the household is limited by the maximum rent HUD decides is appropriate, and often that is not high enough to meet the asking rent in a nice property. Let the voucher holder contribute to the rent. Let the voucher holder decide priorities. It might be worth being “burdened” in order to live closer to work or in a highly rated school district.

Again, at Lloyd Jones Capital, we are a real estate investment firm that is addressing this issue with our American Workforce Housing Fund. Through this fund, we are acquiring C and C+ properties in good neighborhoods. With modernization and upgrades, we can give these communities amenities similar to those found in Class A properties. And the rental rates remain affordable.

In summary, this is fascinating information regarding the multifamily real estate sector. The Joint Center for Housing Studies of Harvard University does an exceptional job compiling and presenting the data. The study is full of interesting charts and facts. At Lloyd Jones Capital, we have been saying these things for the past couple of years as we follow trends in cap rates, occupancy rates, etc. We are grateful to Harvard for supplying the quantifying support. You can find the complete study with abundant charts and data here.

 

Christopher Finlay is Chairman/CEO of Lloyd Jones Capital, a private-equity real-estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, manages and improves multifamily real estate on behalf of its institutional partners, private investors and its own principals. Headquartered in Miami, the firm has operations throughout Texas, Florida and the Southeast. For more information visit: lloydjones.wpengine.com.

 

What Does 2015 Tell Us About 2016?

In reviewing 2015, I am reminded of the issues that dominated multifamily investment discussion.

Let’s start with the funds. Blackstone Group LP, the world’s biggest alternative-asset manager, has collected $15.8 billion for its global real estate fund. As of June, 2015, it was overseeing $93 billion in real estate assets. Goldman Sachs is oversubscribed for its $5.3 billion real estate fund. (bloomberg.com/news.)
What does this mean? These are smart people – and they have chosen real estate as their investment class. We all know that real estate provides a stable diversification to the volatility of the equity markets, and it has outperformed those markets for many, many years. But the enormity of these funds is concrete affirmation of its global favor.

Then consider the Millennials: 25 million classic apartment renters are still living at home. And it will be a while before they can afford—or want –to purchase a home: student debt; flexibility to move for job opportunities; later marriages and children, etc. And recently FHA has ruled that potential home buyers who carry student debt will have to include that debt (even deferred) in their debt-to-income calculations. So it will be even harder to qualify for a mortgage. They (25 million) will need rental housing. That’s a lot of apartments.

And the Baby Boomers (born between mid-40s and mid-60s) are also looking to rent. There will be 76 million baby boomers retiring en masse in coming years. Some reports anticipate that in the next fifteen years, renters 65 and older will grow in number to 12.2 million. (Gloria Stilwell, Bloomberg News) Other reports suggest that Boomers may be slower to downsize as the housing bubble peaks, but add that this situation is temporary. Boomers currently occupy 32 million homes, but as circumstances inevitably change, “their actions will reverberate through the housing market.” (Kenneth Harney, Washington Report to Miami Herald. 12/6/15.) That’s even more demand for rental apartments.

That brings us to the housing bubble. With the rise in housing prices, the “US housing market across the board is moving toward rent territory,” Ken Johnson, Ph.D. Especially in Dallas, Houston, and Denver, in terms of wealth creation, data suggest renting as opposed to buying.

Finally – senior housing: It’s not your grandma’s “old folks” home. No more rocking chairs; no more flowered wallpaper, antique credenzas and calico curtains; no reference to “retirees.” By federal law, 55 is the minimum age for “senior housing,” but who at 55 wants to be considered “senior”? (My wife has refused senior discounts because “It sounds so old.”)

Our Baby Boomer renters want a continuation of their active and social lifestyles –but without the headaches. They want modern, show-house furnishings, designer finishes. They want a carefree, luxury lifestyle. They want rental apartments.

Put these all together, and the future of multifamily investment is very exciting. We are going to be busy. The problem is that everybody is jumping on the bandwagon, and there are some crazy deals going down. Good investments are out there, but they are really hard to find. That’s why Lloyd Jones Capital has “boots on the ground” in each of our markets. Not just any boots, but highly experienced VPs, teamed with regional property managers. They scout the area for off-market opportunities.

For 2016, multifamily will continue as the darling of the real estate investment industry. But we must be careful. I predict a cap rate compression unlike anything we have seen before. And that will create other issues. (But I’ll discuss those in another message.)

In the meantime, we aggressively look for solid B and C properties in B and B+ neighborhoods, properties with steady cash flow that show opportunity for improvement. It takes hours and hours of looking and a lot of hard work, but we at Lloyd Jones Capital are very proud of our work ethic and the success it brought us in 2015. And we expect 2016 to be even better.

 

Christopher Finlay is Chairman/CEO of Lloyd Jones Capital, a private-equity real-estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, manages and improves multifamily real estate on behalf of its institutional partners, private investors and its own principals. Headquartered in Miami, the firm has operations throughout Texas, Florida and the Southeast. For more information visit: lloydjones.wpengine.com.

 

Lloyd Jones Capital Purchases 432-Unit St. Petersburg Apartment Community

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MIAMI, Fla. — Lloyd Jones Capital, a private equity multifamily real estate firm headquartered in Miami, Fla., has closed on Palmway Village, a 432-unit apartment complex in St. Petersburg, Fla. The property is located at 411 77th Ave North and consists of 12 apartment buildings, two pools, a fitness center and a library, spread across 15 landscaped acres.

According to Chris Finlay, Chairman and CEO of Lloyd Jones Capital, plans are in place for a large expansion of the fitness building to include a cyber café, meeting areas, and a “gig spot” for high tech collaboration. At the same time, pool decks will be enlarged and refurbished with the addition of summer kitchens and picnic areas. The dog park will include games and obstacle courses, and even a water feature.  Sunny open areas will be turned into organic gardens.

Says Finlay, “Palmway will be re-branded to our Vibe model. Our vision is to create a fun, high-tech community with computer work tables and charging stations, technology and art classes, and of course, parties – in beautiful indoor and outdoor settings.” According to Finlay, the new name will be The Vibe at Gateway.

This is the third closing for Lloyd Jones Capital in recent months. The addition two closings are in Texas, with an additional closing scheduled for early November.

ABOUT LLOYD JONES CAPITAL

Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjones.wpengine.com.

MEDIA CONTACT:

Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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