ORLANDO, FL—Tampa-based Landmark Apartment Trust reports it has purchased the 342-unit Landmark at West Place multifamily property here. The multifamily REIT funded the acquisition through a 1031 exchange, utilizing a portion of proceeds from a previously announced disposition.
The garden-style community at 753 Sherwood Terrace Drive was built in 2002 and is currently 94% occupied. The property was formerly known as Villa Tuscany and was named 2013 Community of the Year by the Apartment Association of Greater Orlando. No financial details of the transaction were released.
“This acquisition aligns with our strategy to selectively dispose of older assets and deploy capital to acquire newer, well located properties in our core markets,” says Stanley J. Olander, CEO of Landmark Apartment Trust. “This is an incredibly strong asset and we believe we can create incremental value for residents and our investors by leveraging our proven operating platform.”
The Landmark at West Place is situated on approximately 23 acres of land and consisting of 11 three-story buildings. The gated community features six floor plans containing one-, two- and three-bedroom apartments and also features a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and executive business center.
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