American Landmark Acquires Atlanta Community
The 198-unit property was completed in 2020.
American Landmark Apartments, a multifamily investment firm and owner-operator, has added to its Sun Belt holdings with the acquisition of 2050 Morningside, a 198-unit apartment community in the Morningside/Lenox Park neighborhood of Atlanta.
The price and seller were not disclosed. However, Beacon Real Estate Group and a fund managed by Westport Capital Partners LLC acquired the newly built property, then known as Accent 2050, in the fall of 2020 from developer Westplan Investors for $45 million. The property, rebranded as 2050 Morningside, still appears as part of Beacon Real Estate’s holdings on its website.
Located at 2050 Cheshire Bridge Road NE, 2050 Morningside has one- and two-bedroom units ranging from 662 to 1,151 square feet. The apartments feature Energy Star-stainless steel appliances, quartz or marble countertops, wood plank flooring, expansive windows, garden tubs, walk-in showers, full-size washers and dryers and energy-efficient LED lighting. Amenities at the pet-friendly community include a courtyard lounge with pool, sky lounge, coffee bar, bike storage and repair shop, fitness center and parcel lockers for 24-hour access to packages.
Christine DeFilippis, American Landmark’s chief investment officer, said in a prepared statement the robust job growth in Atlanta continues to generate demand for apartments in the metropolitan area. Atlanta was recently ranked in the top 15 percent of top cities for jobs this year by WalletHub.
The property is located minutes from I-85, I-75 and GA400, offering easy access to Midtown, Buckhead and downtown Atlanta, where residents can find Atlantic Station Mall, the Georgia Aquarium, the World of Coca-Cola as well as restaurants, entertainment and retail.
One of the fastest-growing multifamily owner-operators in the United States, American Landmark ranks No. 33 on the National Multifamily Housing Council list of top U.S. apartment owners with approximately 36,000 apartment units in its portfolio. DeFilippis said the firm was pleased to add 2050 Morningside to its growing Atlanta apartment portfolio. The company also owns multifamily communities in Marietta, Lithonia and Lawrenceville, Georgia. American Landmark specializes in the acquisition and management of value-added multifamily properties in high-growth markets throughout the Sunbelt, including Georgia, Florida, North Carolina, South Carolina, Tennessee and Texas.
Earlier this month, American Landmark acquired Broadway Center, a 242-unit community in Fort Worth, Texas, from CRG. The five-story building was completed last year by CRG. In March, the firm added 627 units in North Carolina with the acquisition of Ardmore King’s Grant Apartments in Charlotte and Ardmore Cates Creek in Hillsborough from developer Ardmore Residential. American Landmark had acquired another Charlotte-area property, the 240-unit Delaney Apartments in Concord, N.C., in January.
The firm teamed up with BentallGreenOak in a joint venture in March to acquire Vantage at Murfreesboro, a 288-unit property in the Nashville suburb of Murfreesboro, Tenn., from Vantage Communities. It was American Landmark’s fifth Tennessee apartment community and its second joint venture with BGO in Murfreesboro.