Summit’s Lexerd acquires Ala. multifamily community

Lexerd Capital Management LLC, a Summit-based real estate investment firm, has acquired a multifamily property in Alabama, it announced this week.

Emerald Pointe, in Birmingham, includes 21 two- and three-story apartment buildings and a community building, totaling 192 units.

Financial terms of the Lexerd fund’s deal were not disclosed.

“We are enthusiastic about the acquisition of Emerald Pointe,” Albert Lord III, founder and CEO, said in a prepared statement. “Birmingham is a growing market and central to the nation’s fastest-growing auto manufacturing region.”