American Landmark Expands Florida Footprint

Post-acquisition, the Drake at Deerwood will undergo renovations.

Located in Jacksonville, the property was constructed in 2000. Image courtesy of American Landmark Apartments

Multifamily owner-operator American Landmark Apartments has acquired a Class A apartment community on Jacksonville, Fla.’s southeast side. Situated at 9727 Touchton Rd., in the Deerwod submarket, The Wimberly at Deerwood offers 322 apartments.

The property, which is being rechristened “The Drake at Deerwood”, will undergo a substantial renovation and repositioning program, planned by American Landmark, to boost the multifamily community to the status of best-in-class luxury. Built in 2000, The Drake at Deerwood features one-, two- and three-bedroom layouts that range in size from approximately 670 to more than 1,300 square feet. Features and finishes of apartments include oversized closets, patios and balconies, as well as new kitchen backsplashes.

“Determining proper pricing to lock the deal down while underwriting conservative” was a challenge, Landmark CIO Christine DeFilippis told Multi-Housing News, as was “timing the debt market”. However, she noted that the company was ultimately able to secure favorable terms. “It’s what we do. Watching the market hourly and trying to optimize rate lock, while at the same time using internal portfolio data to support underwriting and performance.”

Renovations expected

Improvements and renovations will include the addition of granite countertops, new kitchen backsplashes and cabinet faces, smart locks, smart thermostats, USB outlets, new plumbing and the installation of new lighting fixtures throughout the property. Electric vehicle charging stations, package lockers and a new camera system will be added to the property. The roofs, landscaping and exterior paint will all be upgraded.

Among the higher-profile amenities of the pet-friendly community is a community clubhouse with an oversized resident lounge that incorporates a fireplace, movie theater, media room, billiards lounge, game room and fitness center.

The Drake at Deerwood’s location in southeast Jacksonville puts residents within 20 minutes of the city’s beaches, as well as a number of employers and retail centers. St. Johns Town Center, the University of North Florida and a Sprouts Farmers Market supermarket are located less than a 10-minute drive away. The community is 15 minutes from Downtown Jacksonville and less than 20 minutes from the Mayo Clinic and HCA Memorial Healthcare.

Last month, a joint venture acquired a Jacksonville, Fla., multifamily community, the nearly 50-year-old Water’s Edge Apartments, for $33 million.

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