Balfour Beatty Communities has expanded its multifamily portfolio with the acquisition of a new property in Ridgeland, MS. The acquisition of Lexington Apartments—a 220-unit community—was completed as part of a joint venture with longtime partner, Apex One Investment Partners.
The gated community built in 2000—which is being rebranded as Ridgeland Place—is ideally located in the upscale Northeast section of Jackson, MS and within close proximity of several major employers including Select Specialty Hospital, Nissan North America and Comcast. Apartment homes are available in one-, two- and three-bedroom models and feature a number of amenities including private outdoor areas, fully-equipped kitchens and ample storage space. In addition, Ridgeland Place showcases several community amenities including a sparkling pool with sundeck, fitness center, and playground.
“Ridgeland appealed to us given its premier location within an award-winning school district, flourishing retail and entertainment offerings and accessibility to major highways,” said Michael Price, vice president of residential transactions for Balfour Beatty Communities. “We look forward to adding value to the community through modern renovations and raising the bar for an exceptional living experience with our management expertise.”
Balfour Beatty Communities will self-perform property management services and invest in a series of capital improvements at the property, including upgrades to unit interiors, the community amenity package and overall curb appeal.