MIAMI, FL – Lloyd Jones, LLC, a Miami-based multifamily investment and development firm, has acquired a two-property work force housing portfolio in Daytona Beach, FL. The acquisition of the Daytona Beach Portfolio brings the firm’s total AUM to $487 million.
Berkadia Commercial Mortgage, LLC provided Freddie Mac-sponsored senior and mezzanine financing to Lloyd Jones in connection with the acquisition.
Chris Finlay, CEO of Lloyd Jones, says, “With this acquisition, we now have five properties in the Daytona market and look forward to continuing our value-add, workforce housing strategy, allowing residents access to reasonably priced housing in this vibrant community.”
Built in the mid-1980s, the Daytona Beach Portfolio consists of two adjacent properties totaling 384 units. Lloyd Jones plans to invest $2M in upgrades, while keeping rents affordable for middle-income families
Raul Ramirez, the company’s CFO, stated, “Our goal is to take these currently under-performing communities and through the right management and cost-effective upgrades, create a better community for our tenants.”
This is the first investment opportunity that Lloyd Jones is offering to private, accredited investors. Previously, the firm partnered only with institutional investors on its investments, which have yielded an average realized IRR of 32.09% for the past ten years. Finlay added “This will allow individuals to access investment opportunities typically reserved for large institutional “check writers,” for as little as $25,000 per investor, and to tap Lloyd Jones’ seasoned investment and property management teams which underwrote and will own and manage these properties.”
For more information, please email: investments@lloydjonesllc.com
About Lloyd Jones, LLC
Lloyd Jones, LLC, is a private-equity real estate firm that specializes in multifamily and senior housing. With 37 years of experience in the real estate industry, the firm develops, acquires, improves, and operates multifamily and senior housing communities throughout Florida, Texas, and the Southeast. The firm is based in Miami, Florida. Its partners include institutional investors, family offices, individual accredited investors, and its principals.
