American Landmark Acquires $311M Multifamily Portfolio in Texas
HOUSTON, AUSTIN, IRVING AND SAN ANTONIO — Tampa-based American Landmark has acquired a portfolio of six multifamily properties totaling 2,284 units located throughout the Big Four Texas markets. The sales price was $311 million. The properties include: Hyde Park at Wells Branch and Hyde Park at Ribelin Ranch in Austin; Hyde Park at Lake Wyndemere and Hyde Park at Enclave in Houston; Lakepointe at Las Colinas in Irving; and Manor at Castle Hills in San Antonio. All properties will be rebranded, and a $14.7 million capital improvement program will be implemented across the portfolio, which was about 96 percent occupied at the time of sale. The seller was not disclosed. The acquisition brings the size of American Landmark’s Texas portfolio to 33 properties and its total volume of holdings to more than 25,000 units across Texas and the Southeast.