Landmark Apartment Trust of America buys 8 multifamily properties for $169.3 million
- July 9, 2013
Landmark Apartment Trust of America, a multifamily real estate investment trust (REIT) based in Richmond, has acquired eight multifamily properties in several transactions for a combined purchase price of about $169.3 million.
The company said in a press release that the properties, containing 2,252 units, are 95 percent occupied.
“These strategic acquisitions directly align with our focus of purchasing apartment communities in quality locations throughout the Sunbelt region at advantageous pricing and significant discount to replacement cost,” Stanley J. Olander, Landmark’s CEO, said in a statement.
On June 28, the company acquired two properties, totaling 574 units in North Carolina and Texas.
In a transaction on July 1, Landmark bought four properties totaling 1,006 units in North Carolina and Florida. On July 3, the company continued to add to its portfolio by buying two properties totaling 672 units.
Landmark Apartment Trust of America owns and operates more than 13,000 apartment units and provides management services for an additional 15,500 units owned by affiliates, located throughout the Southern U.S.