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Lakengren was constructed by American Realty Corporation beginning in 1969. American Realty developed Lakengren as a planned community, offering owners an unbeatable package of rural tranquility and urban convenience; "The Land of the Lakes in the Emerald Hills". The construction of Lakengren roads, dams, green areas, lodge, etc. was completed in 1971. At that time, American Realty left Lakengren in the hands of the newly formed Lakengren Property Owners Association, Inc. (LPOA). The LPOA is operated under the guidance of a Board of Trustees, consisting of nine elected property owners whose task it is to set policy. The staff, through the community manager, implements these policies.
The properties owned and maintained by Lakengren Property Owners Association include: A 230 acre stocked main lake, six smaller stocked lakes, a lodge with a beach and restaurant, various picnic areas, cornhole, shuffleboard, swimming pool, marina with fuel, volleyball, disc golf, driving range, athletic field, dog park, walking path, tennis, pickleball and basketball courts, three playgrounds, lake access areas with dock facilities, spillways, dams, green space, roads and maintenance area. Operating revenue is gained through yearly dues and assessments from its members. Lakengren now consists of approximately 1,400 homes. Lakengren Property Owners Association operates two subsidiary companies: Lakengren Waste Management for the collection of refuse and Lakengren Video Internet Management for billing of Spectrum cable/internet services.