LCOR Residential Wins Three Property Management Assignments
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LCOR RESIDENTIAL WINS THREE PROPERTY MANAGEMENT ASSIGNMENTS
LCOR’s award-winning residential property management arm takes over 900 units
BERWYN, PA. (April1, 2013) – LCOR Residential, the esteemed multifamily residential asset and property management division of LCOR, has won three property management assignments, Fusion 1560 in St. Petersburg, Fla.; Tortuga Pointe in St. Petersburg, Fla. and Waterford at Superstition Springs in Mesa, Ariz., totaling 900 apartment units. These three new assignments bring the company’s total property management portfolio to more than 8,000 units across the U.S.
“We are excited for this opportunity to enhance property operations for ownership and to further expand the footprint of LCOR Residential,” said Peter DiLullo III, Vice President of LCOR. “The LCOR Residential team is looking forward to working with ownership on property plans and initiatives.”
Fusion 1560 is a collection of contemporary loft style apartments located in the heart of St. Petersburg, Fla., just minutes away from well-known shopping, exquisite dining and endless entertainment. Featuring modern industrial architecture, this urban community includes 325 luxury apartments that are comprised of one- and two-bedroom units.
Boutique hotel-style amenities at Fusion 1560 include a state-of-the-art fitness center, club room with juice bar, billiards room, demonstration kitchen, full service health spa, a resort-style swimming pool, court yard with grilling area and roof top deck, among many other features.
Tortuga Pointe, located in St. Petersburg, Fla., is a unique community made up of 295 luxury apartment homes and surrounded by a diverse mix of businesses, dining, shopping and entertainment. Offering residents the finest living in the bay area, Tortuga Pointe features studios, one-, two- and three-bedroom apartments.
Resort-style amenities include spa and treatment centers, fitness center including boxing area, conference room/business center, club room, billiards and game area, library and first class pool area with private cabanas and court yard with grilling area.
These two properties add an additional 620 units to LCOR Residential’s growing Southeast portfolio, with a total of 2,085 units under management. The team already oversees three properties in the Southeast including Lincoln Pointe in Aventura Fla. and The Cascade at Morgan Falls and The Fountains at Morgan Falls in Sandy Springs, Ga.
With the management assignment at Waterford at Superstition Springs, LCOR Residential’s presence in Arizona is also expanding. This is the team’s second property in Mesa, Ariz., as LCOR Residential currently manages 340 units nearby at the Sienna at Riverview.
Waterford at Superstition Springs is a garden style community situated on 13 acres of meticulously manicured land. Located in Mesa, Ariz., Waterford at Superstition Springs features 280 units consisting of one-, two- and three-bedroom apartments.
Luxury style amenities at Waterford at Superstition Springs include a car care center, playground, spa with whirl pool, resort-style pool, executive business center, fitness center and picnic area.
“These three property management assignments further establish LCOR Residential in these key regions for our property management and real estate market expertise,” said Tom O’Brien, Executive Vice President and Chief Operating Officer at LCOR. “We are looking forward to fostering our expansion in these markets as LCOR Residential continues to form strong relationships with major institutional owners.”
LCOR Residential provides third party asset and property management nationwide, including property turnaround expertise and institutional investor portfolio reporting. LCOR has managed more than 37,000 units in more than 120 communities in 21 states plus the District of Columbia, including individual assets as well as property portfolios. LCOR brings decades of expertise in all types of multifamily product in urban and suburban locations.
LCORis a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play. In 2012 LCOR recapitalized the company with the California State Teacher’s Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth. LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value. The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets. Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.