RICHMOND-Landmark Apartment Trust of America closed out 2013 with a decided bang: in Q4 alone it acquired 13 apartment communities and seven joint venture ownership interests in apartment communities throughout the Southern US, totaling approximately $443 million. Now the REIT plans to take a quarter or two off from its acquisitions to absorb its new properties and prepare for its headquarters move to Tampa, FL, CEO Stanley J. Olander tells GlobeSt.com.

"Everything we had targeted is being closed so in the short run our acquisition spree is over," he says. "Next we will focus on operations and earnings and improving the consolidation and management of the company."

The REIT added significantly to its portfolio in the last quarter. Its acquisitions amounted to 7,261 units, which are 94% occupied. Its total acquisition activity for 2013 includes 50 communities for 15,868 units, representing approximately $1.04 billion in transaction value. All together the REIT owns just under 25,000 units, Olander says. The REIT is in the process of moving its headquarters to Tampa, FL to optimize its back office and management operations, he also reports.

Last March Landmark acquired the management operations of Elco Landmark Residential Holdings LLC for $30 million. It made more sense to move the headquarters there, which is home to 40 people, than vice versa, Olander explains. There are about 10 or so people in the Richmond headquarters and they will maintain a satellite office.

Instant Insights /

After $443M in Q4, Landmark Takes a Breather

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