Landmark Apartment Trust buys four multifamily properties for $98.2 million
- October 17, 2013
Richmond-based Landmark Apartment Trust of America Inc., a real estate investment trust, has acquired four multifamily properties in Florida, Texas and Alabama in two deals totaling $98.2 million.
The four properties contain a total of 1,346 units, which are 95 percent occupied.
“With these acquisitions, we continue to grow our footprint, adding four attractive assets situated in desirable growth markets, with incremental opportunities to create value” Stanley J. Olander, CEO and director of company, said in a statement. “We continue to target opportunities that enable us to acquire top-quality workforce housing in high-growth markets where we have considerable knowledge and operational expertise.”
In the first deal, Landmark bought three properties totaling 1,032 units in Florida and Alabama.. The acquired properties include:
• Landmark at Grayson Park, which is 94 percent occupied, is in Tampa, Fla. The property was constructed in 1987 and contains 408 units.
• Landmark at Woodland Trace, which is 93 percent occupied, is in Casselberry, Fla., a submarket of Orlando. The property was constructed in 1988, expanded in 2005, and contains 384 units.
• Landmark at Lancaster Place, which is 94 percent occupied, is in Calera, Ala., a submarket of Birmingham. The property was constructed between 2007 and 2008 and contains 240 units.
With the completion of this deal, Landmark now owns, operates or manages eight properties in the Tampa market, four in the Orlando area and three in Alabama.
In the second transaction, the company acquired Landmark at Collin Creek in Plano, Texas, a submarket of Dallas. The property, built in 1988, contains 314 units and is 98 percent occupied. With the completion of this deal, Landmark increased the number of properties it owns, operates or manages in the Dallas area to 21.
Landmark owns and operates approximately 18,000 apartment units, and provides management services for more than 12,500 units owned by affiliates, located throughout the South.