Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VI, L.P. has successfully completed the sale of three multifamily properties across Texas which were sold to three separate buyers. Financial terms of the transaction were not disclosed.
The entire portfolio totaled 606 property units: a 208-unit garden style multifamily community built in 2004 and located in Lubbock, TX; a 214-unit garden style multifamily community built in 2013 and located in Midland, TX; and a 184-unit garden style multifamily community built in 2004 also located in Lubbock, TX.
Lone Star acquired the properties in 2022 and since that time has worked to implement disciplined asset management strategies, focused on targeted operational and physical improvements to the properties designed to strengthen occupancy and improve the overall resident experience.
“We saw an opportunity in these assets to focus on providing better services, amenities and an overall higher-quality living experience to residents. This transaction underscores our commitment to thoughtful improvements that strengthen communities and create sustainable value,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star.
About Lone Star
Lone Star is a leading investment firm advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.
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