Landmark Apartment Trust of America makes two more acquisitions
- May 15, 2013
Landmark Apartment Trust of America Inc. (LATA), a Richmond-based multifamily real estate investment trust, said Wednesday that it has acquired two apartment projects in North and South Carolina for a combined purchase price of about $36 million.
The company bought The Reserve at River Walk, a 220-unit multifamily community in Columbia, S.C., and Victoria Park, a 380-unit multifamily complex in Charlotte, N.C. According to Landmark, the communities are 95 percent occupied.
“The addition of these assets to our portfolio aligns with our disciplined investment strategy of acquiring assets in high-growth Southeastern markets at a discount to replacement cost,” Stanley J. Olander, CEO of Landmark Apartment Trust of America, said in a statement.
The company said that it acquired the S.C. complex for $15 million, and the N.C. property for 21 million.
Landmark owns and operates more than 11,000 apartment units throughout the Southeast and has made several other acquisitions this year.