ELCO ACQUIRES TWO APARTMENT PROPERTIES IN CARY FOR $56M

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CARY, N.C. — Elco Landmark Apartment Trust Holdings LLC has acquired two garden-style apartment properties in Cary for $56 million. Together, the properties contain 788 units and are 95 percent occupied. Landmark at Eagle Landing, formerly known as Hidden Oaks, was constructed in two phases in 1986 and 1988 and is located at 100 Northwoods Village Drive. The 344-unit Landmark at Watercrest, formerly known as Woodbridge, was constructed in two phases in 1992 and 1995 and is located at 100 Appledown Drive. Elco plans to renovate the properties in the next 12 to 24 months. Planned upgrades include new signage, a remodeled clubhouse, the addition of a dog park and new interior lighting.

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