American Landmark has acquired a 1,212-unit, four-property portfolio of apartment communities located in Florida, Georgia and South Carolina.
With the transaction, the company now owns the following assets:
- Arbor Terrace, to be renamed One Rocky Ridge, located at 1 Rocky Ridge Blvd., in Douglasville, Ga, was built in 2003. The property contains 300 apartments and is 95 percent occupied.
- Summerset, to be renamed The Oxford, which is at 50 Greenleaf Road, Conyers, Ga. Built in 1999, the property has 240 apartments and is 96 percent occupied.
- Bella Apartments Homes, to be renamed The Aspect, which is at 3101 Segreto Lane, Kissimmee, Fla. Built in 2010, the property has 432 units and is 96 percent occupied.
- Arbor Village, which is at 10825 Dorchester Road, Charleston, SC. Built in 2014, the property has 240 units and is 93 percent occupied.
Value-Add Hunt Continues
American Landmark plans to upgrade the newly acquired properties. Alongside its debt and equity partner Electra America, the company intends to acquire more value-add properties in the Southeast. The firm, whose portfolio consists of about 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018.
“As the unemployment rate continues to decrease nationwide, our focus continues to be on high-growth areas where we can provide value-add amenities and services to residents,” said American Landmark Chief Investment Officer Christine DeFilippis. “We’re looking forward to additional opportunities.”