RICHMOND, VA. — Landmark Apartment Trust of America Inc., a non-traded REIT, has acquired three multifamily properties valued at $42.1 million from Elco Landmark Residential Holdings LLC, MB Equity Holdings Inc. and Legacy Partners.
Collectively, the apartment complexes contain 703 units and are 94 percent occupied. In exchange for the properties, Elco, MB Equity Holdings and Legacy Partners received a combination of cash and operating partnership units valued at approximately $14.9 million.
Two of the three newly acquired properties are located in Florida, and the other is in North Carolina. The newest of the three apartment properties was built in the mid-1980s.
• Landmark at Savoy Square is located at 2065 N. Highland Ave. in Clearwater, Fla. The property was built in 1970 and contains 182 units.
• Landmark at Ocean Breeze is located at Palm Bay Road N.E. in Melbourne, Fla. The property was built in 1985 and contains 224 units.
• Landmark at Grand Arbors Reserve is located at 2419 Wycliff Road in Raleigh, N.C. The property was built in 1969 and contains 297 units.
Based in Richmond, Landmark Apartment Trust of America owns and operates more than 16,000 apartment units and provides management services for an additional 13,500 units owned by affiliates, located throughout the southern United States.
The company specializes in acquiring mid-income multifamily properties in select markets in the South and repositioning the assets to “unlock hidden value and unrealized cash flow.”
“We have worked incredibly hard over the past year to expand our portfolio in core southern U.S. markets that boast favorable long-term economic and demographic fundamentals, and this transaction is a prime example of our unique ability to leverage strategic relationships to help accomplish our growth objectives,” says Stanley Olander, CEO of Landmark Apartment Trust of America. “We look forward to unlocking inherent value in each asset by implementing our proven repositioning program.”
— Matt Valley