American Landmark Buys Southeast Multifamily Portfolio
The Tampa-based multifamily owner and operator has acquired a total of three properties in the suburbs of Orlando and Atlanta, as well as an apartment complex in Charleston, SC. A
TAMPA, FL—American Landmark has expanded its multifamily portfolio with the purchase of a 1,212-unit portfolio of properties in three Southeast states.
The Tampa-based multifamily owner and operator has acquired a total of three properties in the suburbs of Orlando and Atlanta, as well as an apartment complex in Charleston, SC. American Landmark acquired the portfolio from Australian financial investment firm Macquarie Group. CBRE brokered the transaction. No financial terms of the deal were released.
Macquarie Group had no comment on the transaction.
The four properties that changed hands include: Arbor Terrace in Douglasville, GA. The 300-unit property is to be renamed One Rocky Ridge. The complex was built in 2003 and is currently 95% occupied.
The second Georgia property is the 240-unit Summerset complex at 50 Greenleaf Road in Conyers, GA. Built in 1999, the property, which will be reamed The Oxford, is 96% occupied.
American Landmark’s purchase also includes the 240-unit Arbor Village complex at 10825 Dorchester Road in Charleston, SC. The four-year-old property is currently 93% occupied.
The deal also includes the Bella Apartments Homes, to be renamed The Aspect in Kissimmee, FL. The 433-unit complex at 3101 Segreto Lane was built in 2010 and is at the moment 96% occupied.
“As the unemployment rate continues to decrease nationwide, our focus continues to be on high-growth areas where we can provide exceptional value-add amenities and services to residents,” says Christine DeFilippis, chief investment officer at American Landmark. “We’re looking forward to additional opportunities that will allow us to elevate the living experience for area residents while still providing homes at price points that they can afford.”
The portfolio purchase comes a few days after American Landmark purchased the 184-unit High Ridge Landing multifamily property in Boynton Beach for $41.9 million.
American Landmark, and its debt and equity partner Electra America, are acquiring value-add properties in strategic locations across the Southeast. The firm, whose property portfolio currently consists of approximately 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018.