Colonial Sells Four MF Properties for $96M

MIAMI—Elco Landmark Residential is on a multifamily spending spree. In a joint venture with Timbercreek Asset Management, the real estate investment firm has snapped up four multifamily properties for $95.4 million. Colonial Properties Trust sold the multifamily assets, which are located in North Carolina, Virginia and Texas and span 1,380 units. The portfolio is 95% occupied.

“The portfolio meets our investment strategy of acquiring underperforming assets that possess significant unrealized cash flow potential located in high-growth Southeast markets,” Joe Lubeck, CEO of Elco Landmark Residential, tells GlobeSt.com. “By implementing our proven renovation and repositioning program, we will be able to provide better service and quality for residents and achieve NOI growth by increasing rents and reducing expenses.”