Connecticut developer acquires 4 multifamily properties in Columbia.

• Position: Lexington Partners LLC

Connecticut-based Lexington Partners LLC has acquired multifamily four properties in Columbia as part of its purchase of 933 workforce housing apartment units in South Carolina and Memphis, Tenn.

An affiliate of Lexington Partners purchased the portfolio for $71.2 million from Sante Realty Investments. The buyer's lender is New York City-based Ready Capital, which loaned $66,950,000 for the transaction.

The portfolio includes Copperfield Apartments, Creekside Apartments, Retreat at Broad River Apartments and Riverbanks Retreat Apartments in Columbia in addition to Azur Tower and SoMa 23 Apartments in Memphis. Lexington is investing $11.8 million to renovate the properties, according to a news release.

Globalvestment Capital Partners of Toronto brokered the sale, which closed March 28. The newly acquired portfolio brings Lexington's Southeast workforce holdings to 1,716 units.

Lexington Property Management, Lexington's management arm headed by Christopher P. Reilly, will oversee renovations and manage the properties.

"We are excited to enter the Columbia and Memphis markets and re-position these properties...