Landmark Apartment Trust of America buys two properties in Florida for $53.2 million
Landmark Apartment Trust of America Inc., a multifamily real estate investment trust (REIT) based in Richmond, said Monday that it has acquired two multifamily properties in Florida for a combined purchase price of approximately $53.2 million.
Collectively, the properties contain 826 units and are 94 percent occupied.
“We are pleased to build on our strong momentum of acquisition activity over the last month by expanding our presence in two core Florida markets,” Stanley J. Olander, the company’s CEO, said in a statement.
In the first transaction, the company acquired Landmark at Stafford Landing, a 522-unit apartment community in Ocoee, Fla., a submarket of Orlando. The property was built in 1997.
The second transaction was for Landmark at Avondale, a 304-unit apartment community located in St. Petersburg. It was built in 1973.
These two property additions follow an active month of acquisition activity. In July, Landmark Apartment Trust acquired an additional 11 multifamily properties throughout Florida, North Carolina, Texas and Tennessee containing a total of 3,586 units.
The REIT owns and operates more than 15,500 apartment units, and provides management services for an additional 15,000 units owned by affiliates, located throughout the Southern U.S.