Following the successful sale of Sgt. Clean Car Wash in Strongsville, Ohio, Lorient Holdings redeployed capital through a 1031 exchange into a new multifamily acquisition focused on long-term value creation and capital preservation. The Sgt. Clean exit closed at $6.25 million, delivering a 14.8% return through a combination of operating cash flow and appreciation. By utilizing a 1031 exchange, Lorient deferred capital gains and depreciation recapture, allowing investor capital to be reinvested efficiently into the next opportunity.
The replacement asset, The Grand at Market District, is a modern, garden-style multifamily community of 200 units on Brampton Avenue in Statesboro, Georgia. Positioned within the Market District, one of the area's premier mixed-use hubs, the property offers a high-quality residential environment supported by strong retail, dining, and lifestyle amenities.
The investment strategy centers on targeted unit renovations, operational improvements, and expense optimization to drive net operating income growth and position the property for a refinance within approximately 36 months, with the goal of returning a significant portion of invested capital while retaining long-term upside.
This acquisition represents Lorient's fifth multifamily investment in South Georgia and expands its established local footprint, which includes ownership of a 176-unit community located less than five minutes from the property. The proximity and regional scale support operational efficiencies, market expertise, and disciplined execution.
Location highlights
- Situated in the heart of Statesboro's primary retail corridor
- Direct proximity to Georgia Southern University, a major economic and enrollment driver
- Convenient access to Veterans Memorial Parkway and key commuter routes
- Surrounded by national retailers, grocery anchors, and daily-needs services
Asset profile
- Class A/B+ multifamily community with institutional-quality construction
- Mix of well-designed one-, two-, and three-bedroom units
- Clubhouse, fitness center, resort-style pool, and green spaces
- Strong appeal to students, young professionals, and workforce renters
Based on base-case underwriting assumptions, the investment targets an 18% internal rate of return and a 2.8x multiple on invested capital over an anticipated eight-year hold period.
