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2023 Family Biz Awards: Lexington Partners LLC

Lexington Partners LLC is a vertically integrated real estate company specializing in development, property management, construction management and commercial brokerage with a focus on multifamily and mixed-use properties.

The company was founded by Maurice Kenny in 1981. His son, Martin Kenny, transitioned ownership to Lexington Partners LLC shortly after Maurice Kenny’s retirement in 1994.

Tell us a bit about your recent accomplishments.

Since 2005, Lexington has developed, owned and operates more than 1,350 apartments in 10 different communities in Hartford County alone for a value of $400 million. Lexington is wrapping up one of its largest development projects, the conversion of a former convent into 292 market-rate apartment units in West Hartford (One Park Apartments), which will be fully open this summer.

Since 2018, Lexington has purchased more than 2,000 existing apartment units in Connecticut and select markets in the Southeast U.S. — North Carolina; Savannah, Georgia; suburban Atlanta, Georgia; Colombia, South Carolina; and Memphis, Tennessee — executing detailed value-add plans.

Lexington Property Management (LPM) has grown exponentially, and today manages just under 4,000 apartment units and approximately 250,000 square feet of commercial space in Connecticut.

InnoConn Construction Management, an affiliate of Lexington Partners, has completed all of Lexington’s construction projects in Connecticut and has closed on approximately $200 million in third-party construction management work in the past calendar year.​

What are your family values and how do they contribute to your business success?

Creativity, integrity, loyalty, responsibility and passion. Marty Kenny’s favorite quote to recite to his employees is: ‘You must learn to walk through walls’ to succeed in our business. This mantra inspires our family and our company to take on complex projects with confidence that we can make the impossible happen.

Where do you see your business in the next five years?

Our goal is to own and manage 10,000 apartment units in Connecticut, New England and the Southeast U.S. We would like to make more of a difference in the affordable housing space, and use our expertise in adaptive reuse to convert more office buildings into mixed-use residential properties to enhance our cities, particularly in Connecticut.

Do you have a business succession plan?

Lexington Property Management and InnoConn are jointly owned by LAZ Investments (Alan Lazowski), Lexington Partners (Marty Kenny) and key principals of the entities, including Chris Reilly (president and CEO of Lexington) and Sam Walker (president and CEO of InnoConn), among others.

The plan is for the next generation of both the Kenny and Lazowski families to partner with our key executives to bring the organization to an even higher level. This hybrid approach to management and ownership allows for the legacy values of its founders to continue with the leadership of the next generation.

What are your guiding business principles?

Creativity, honor in treatment of our employees, vendors and subcontractors; commitment to our employees and their families; and diversity in employment.

We want to create opportunities for our employees to grow with us, and continue community involvement and intense loyalty to Hartford and Connecticut, even as we expand our geographic footprint.

Click here to see the rest of the 2023 Family Business Award Honorees

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