Affordable housing development, investment and management company Lincoln Avenue Capital just paid about $38 million for the Stratford Point multifamily community in Sanford.
The affordable housing development at 1700 Old England Loop contains 384 apartments, meaning the deal breaks down to about $98,980 per unit. Built in 2001, the apartment community features multiple three-story multifamily buildings.
LAC was founded by brothers Eli and Jeremy Bronfman in 2016. Since its establishment, the company has acquired more than 9,000 units across about 50 properties in 10 states.
According a company press release, the brothers hope to own more than 100 properties by 2021.
Learn more about the owner's plans to reinvest in the interiors of these 17-year-old units, the public money being sought, and an opening on the project team.
By By Brooke Morton
Dec 12, 2017 at 5:00 PM
The brothers are scions of the Bronfman family empire whose members founded the spirits company, Seagrams. Their father, Matthew Bronfman, is the main shareholder in IKEA Israel and supermarket chain Shufersal; and their great-aunt, Phyllis Bronfman Lambert, is a prominent philanthropist and architect in Canada.
The Stratford Point apartment community in Sanford would be the company’s second property in the city. In 2018, LAC paid $31.2 million for the Logan Heights Apartments at 1000 Logan Heights Cir.