RICHMOND, VA. — Landmark Apartment Trust of America Inc. (LATA) has acquired three multifamily properties located in Texas and Tennessee for a combined purchase price of $98.9 million. Collectively, the properties include 1,334 units and were 94 percent occupied at the time of sale.Mission Residential of Vienna, Va., sold the properties.
“We continue to invest in multifamily properties located in southern U.S. markets we believe will benefit from our proven repositioning program and sophisticated operating platform,” says Stanley Olander, CEO of Richmond, Va.-based Landmark Apartment Trust of America. “With this transaction, we are expanding our presence in Dallas, which remains an attractive market given that the Texas economy is outpacing most of the nation. We are also pleased to be entering Tennessee where we’ve identified strong market fundamentals and an opportunity to grow our portfolio.”
The properties LATA has acquired in the transaction include Landmark at Prescott Woods, with 364 units at 2915 Aftonshire Way in Austin, Texas; Landmark at Gleneagles, with 590 units at 4909 Haverwood Lane in Dallas; and Landmark at Wynton Pointe with 380 units at 1000 Enclave Circle in Nashville, Tenn.
This acquisition comes shortly after the non-traded REIT announced July 8, that it acquired eight multifamily properties in Texas, North Carolina and Florida totaling 2,252 units. Landmark Apartment Trust of America’s portfolio now includes more than 14,000 apartment units and an additional 15,500 units owned by affiliates.