Landmark Apartment Trust of America Inc. adds three apartment properties
- August 22, 2013
Richmond-based Landmark Apartment Trust of America Inc. has added three apartment properties worth $42.2 million to its portfolio in a deal with three other companies.
Landmark is a multifamily real estate investment trust (REIT) with holdings in metropolitan areas throughout the South.
The company added apartment complexes in Florida and North Carolina with a total of 703 units in a deal with Elco Landmark Residential Holdings LLC, MB Equity Holdings Inc. and Legacy Partners. In exchange for the properties, the three companies received a combination of cash and operating partnership units valued at about $14.9 million.
“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 prime example of our unique ability to leverage strategic relationships to help accomplish our growth objectives,” Stanley J. Olander, the CEO of Landmark Apartment Trust of America, said in a statement. “We look forward to unlocking inherent value in each asset by implementing our proven repositioning program.”
The new properties include;
• Landmark at Savoy Square in Clearwater, Fla., which was built in 1970 and contains 182 units.
• Landmark at Ocean Breeze in Melbourne, Fla., built in 1985, which contains 224 units.
• Landmark at Grand Arbors Reserve in Raleigh, N.C., built in 1969, which has 297 units.
The apartments are 94 percent occupied.
Landmark owns and operates more than 16,000 apartment units and provides management services for 13,500 units owned by affiliates.