Lexington Austell LLC is the purchaser of the three apartment complexes on Riverside Parkway that have been frequently in the news for code violations, according to documents filed in Cobb County Superior Court.
(Editor’s note: Special thanks to Tony Waybright, who helped us identify the new owners).
The ownership transfers of the properties: Parkview Apartments, Hunters Grove, and Kingsley Village, took place on Tuesday November 19.
The total purchase price was $36.5 million, and included a $30 million bridge loan arranged by Greystone Brown Real Estate Advisors.
According to their listing on the Georgia Secretary of State’s website, Lexington Austell is affiliated with Lexington Partners LLC, a Delaware-incorporated company with headquarters in Hartford Connecticut.
Lexington Austell registered as an LLC in Georgia on September 18, 2019.
The Lexington Partner’s website describes the parent company’s current holdings as follows:
Lexington currently owns and operates 566 upscale apartments, has 150 under construction, and another 294 under development in high-barrier to entry markets like Wethersfield, West Hartford, and Downtown Hartford, CT. They’ve been involved with a number of high-profile office projects in the New Haven area over the years, including One Century Tower (20 story office building, 300,000 square feet, 600 car parking garage), and Gateway Center (9 story office building, 126,000 square feet, 400 car parking garage); both in the heart of the New Haven CBD.
Tenants have complained of substandard conditions at Hunters Grove, Kingsley Village and Parkview Apartments since at least the fall of 2018, when residents told of rats, water damage, mold, and malfunctioning heating and air units during a renters town hall meeting held in November of that year.
We Thrive in Riverside Renters Association and the Cobb branch of the SCLC held a press conference in front of Parkview Apartments in February of this year to highlight the code citations at the complexes.
Cobb County District 4 Commissioner Lisa Cupid and BOC Chairman Mike Boyce met with residents and attended town hall meetings regarding living conditions at the apartments.
In March, at a magistrate court hearing on the code violations, the owners of the complexes requested a jury trial on the citations, to the frustration of renters who attended the hearing.