American Landmark Acquires Four Apartment Communities in DFW Totaling 1,616 Units
TAMPA, FLA. — Tampa-based multifamily investment firm American Landmark has acquired four communities totaling 1,616 units throughout the Dallas-Fort Worth (DFW) metroplex. The properties include Meadows at Bedford, a 490-unit community in Bedford; Remington Hill, a 440-unit property in Fort Worth; Rock Ridge Apartments, a 226-unit asset in Arlington; and Summer Villas, a 460-unit community in Dallas. Other than Rock Ridge, which was built in 2003, all the properties were built in the 1980s and were between 91 and 96 percent occupied at the time of sale. The properties were acquired in conjunction with a 232-unit asset near Nashville, yielding a five-property portfolio that fetched a sales price of $246.7 million. American Landmark, which will invest about $18 million in capital improvements across the portfolio, now owns approximately 28,000 multifamily units throughout the Southeast and Texas.