MEMPHIS, Tenn. – LEDIC Management Group, a third party property management firm, has announced that it has been selected by Transom Development, a wholly owned SunTrust Banks, Inc. development company, to manage its entire Tennessee multifamily housing portfolio. Financial terms were not disclosed.
“We’re thrilled to have been selected to manage this impressive portfolio,” said Scott P Ledbetter, Sr., Founder and Chairman Emeritus of LEDIC Management Group. “Our experience in third party property management, as well as our background in the Tennessee market makes for a great fit.”
Effective January 1, 2005, LEDIC will assume management of the following Transom properties consisting of 536 total units:
- Briarwood Apartments – 72 units in Tullahoma, Tenn.
- Grove Park Apartments – 80 units in Paris, Tenn.
- May Rose Place – 64 units in Savannah, Tenn.
- Meadows of Lebanon – 72 units in Lebanon, Tenn.
- Meadows of Milan – 48 units in Milan, Tenn.
- Riverbrook Apartments – 48 units in Brownsville, Tenn.
- River Highlands – 72 units in Columbia, Tenn.
- Teller Village Apartments – 80 units in Oak Ridge, Tenn.
“With more than 25 years of experience exclusively with multifamily properties, LEDIC is uniquely qualified to help manage and enhance our investment in this important portfolio of communities,” said Jim Ponder, Director of Asset Management at Transom Development.
About Transom Development
A subsidiary of Atlanta-based SunTrust Banks, Inc., Transom is one of the Southeast’s leaders in the development of affordable housing, producing more than 10,000 apartments for seniors and families with moderate incomes.
About LEDIC
LEDIC Management Group, this year celebrating its 25th anniversary, is a third-party investment real estate management firm specializing in multifamily housing communities. Core services include property management, acquisition analysis, market research and construction/rehabilitation management – all provided to syndications, individual investors, institutional investors and a variety of public and private owners. Headquartered in Memphis, LEDIC operates regional offices in Atlanta, Nashville, Dallas, Houston, Kansas City, Tampa, Jacksonville, Louisville, Baton Rouge, Mobile and Columbia (SC). For more information, visit www.LEDIC.com or call 901-435-7700.
