Landmark Apartment Trust of America Buys Two Southern Apartment Properties for $37M
By Dees Stribling, Contributing Editor
Richmond, Va.—Landmark Apartment Trust of America, a REIT that owns about 16,000 units in various Southern metro areas, has acquired two multifamily properties in two separate deals for a total price of $37 million. One is in Nashville, Tenn., and the other is in Greensboro, NC.
The Nashville property is Landmark at Glenview Reserve, a 360-unit apartment community. Formerly known as Mission Briley Parkway, it’s located at 100 Arbor Creek Blvd. and was built in 1985.
The Greensboro property is Landmark at Battleground Park, a 240-unit apartment complex. Formerly known as Mission Battleground Park, it’s located at 3520 Drawbridge Pkwy. and was built in 1990.
Amenities at each property include a fitness center, swimming pool and tennis court. Landmark at Glenview Reserve also features a hot tub, basketball court and volleyball court, while Landmark at Battleground Park boasts a community clubhouse and playground. Landmark Apartment Trust says it plans to renovate all of the units at both properties.
According to the Richmond-based REIT, the acquisitions are in line with its strategy of being in high-growth markets in the South. Nashville, for its part, continues to grow despite the recession and its aftermath. In 2010, the population of metro Nashville (including all of Davidson County) was about 601,000; the Census Bureau estimated its 2012 population to be nearly 625,000, an increase of 3.9 percent in two years. The area’s unemployment rate peaked in 2009 at more than 10 percent, but has recovered to 6.8 percent as of July 2013.