Lane Asset Management Acquires Texas Apartments

ATLANTA, GA (Dec. 14, 2010) – Atlanta-based Lane Asset Management, LLC has acquired The Villas at River Park West Apartments (top left photo) in the upscale Houston suburb of Richmond, Texas.

The gated community includes 252 one- and two-bedroom luxury garden-style apartments located on ten acres within River Park West, a 545-acre master-planned community.

“We are excited about this latest acquisition, it is a great asset in an excellent location,” said Lane Company President Cindy Pfeifer (top right photo).

 “The market has definitely become more active and we are looking at numerous other assets to add to the portfolio.”

Fort Bend County, where the community is located, is the 11th-fastest growing county in the U.S. The area’s population has been predicted to increase almost 20 percent by the year 2015.

“We are obviously very excited about our most recent acquisition,” added Bill Stahlke (middle left photo), President of Lane Asset Management. “The property is located in a very desirable and upscale area, with single-family homes averaging $300,000.”

Built in 2007, The Villas at River Park West includes amenities such a resort-style pool with a water feature, a fitness center, business center and club room with fireplace and pool table.

The grounds include landscaped courtyards with barbeque and picnic areas as well as greenspaces and nature trails.

Its location along the Southwest Freeway (U.S. 59) makes it accessible to millions of square feet of shopping, dining and entertainment as well as healthcare, professional and business centers.

It is also just minutes from the neighboring suburbs of Sugar Land and Rosenberg.

“The property is conveniently located to thousands of jobs in the medical field such as Methodist Sugar Land Hospital (lower right photo), Memorial Hermann – Sugar Land Hospital, and the Oak Bend Medical Center (lower left photo),” Stahlke added.

Lane acquired the property through a joint venture with Lubert-Adler, a real estate private equity firm specializing in joint ventures with local operating partners.

Lubert-Adler announced last year that it had allocated $250 million to fund the acquisition of multifamily properties with Lane, primarily in the Southeast and Southwest.

 “The transaction was consummated in less than 35 days from the execution of a letter of intent,” Stahlke said. “This is a testament to our strong working relationship with Lubert-Adler.

“We are currently actively pursuing numerous potential acquisitions both in the Southwest and Southeastern U.S. under our venture with Lubert- Adler and are very optimistic that we will be closing other acquisitions in the very near future.”

The deal closed December 1. The purchase price has not been released.

Media Contact: Terri Thornton, Thornton Communications, 404-932-4347 Terri@TerriThornton.com