American Landmark Apartments has acquired two garden-style rental properties in South Florida. The sale was a $105.5 million portfolio transaction incorporating 292-unit Siena Apartments in Plantation and 200-unit Hidden Harbor in Royal Palm Beach, according to Yardi Matrix. The seller, Fairfield Residential, was represented in the transaction by ARA Newmark.
With the acquisitions, American Landmark now owns and manages six South Florida apartment properties, as well as a total of more than 24,000 units across the Southeastern United States.
Best in class
The company’s CIO Christinne DeFilippis revealed to Multi-Housing News that the most difficult part of the acquisition was “updating and devising budget-conscious architectural improvements and proper upgrade of amenities so that the renovated properties can fully meet residents’ expectations, match the quality of the neighborhoods and remain affordable”.
DeFilippis added that American Landmark was attracted to the two properties because of what the company considered their “extraordinary” locations. “And with our improvements, they will rise to best in class’ properties in their respective neighborhoods,” DeLilippis said.
Located at 8080 NW 10th Court in Plantation, Siena Apartments is situated within miles of large area employers such as Magic Leap, Westside Regional Hospital, Plantation General Hospital and Nova Southwestern University. The property features 292 one- and two-bedroom units overlooking a picturesque body of water. Among the amenities are a fitness center, swimming pool, car care center, handball court and playground.
American Landmark’s proposed $3.54 million in capital improvements to the property will include common area enhancements and interior unit upgrades, such as new granite countertops and stainless steel appliances. The community will also have a new small dog park, barbecue grill station and package locker system. Currently 97 percent occupied, the property has average in-place effective rent of $1,517 a month.
Between affluent towns
With an address of 222 Kingfisher Way in Royal Palm Beach, the Hidden Harbor community is situated between the affluent municipalities of Wellington and West Palm Beach. The property features 200 two-bedroom, two-bath units. Common area amenities include a fitness center, swimming pool, playground, waterfront grills and cooking stations, lighted tennis court, fishing pier, dog park and car washing stations.
The company plans to invest $2.7 million in capital improvements, such as granite countertops in kitchens and bathrooms, new cabinets, hardware and stainless steel appliances. Also included in the upgrades will be a clubhouse expansion, fitness center renovation and addition of valet trash and a package locker system. The community is currently 94 percent occupied, with monthly rents averaging $1,425.
“Our team conducted numerous on-site visits and studied local comps and trends as well as collaborating with regional managers,” DeFilippis said. “Through those efforts, we were able to garner a meeting of the minds and put together a thoughtful and comprehensive capital improvement program to balance the expectations of the resident profile.”
Earlier this year, American Landmark acquired a 1,212-unit, four-property portfolio of apartment communities located in Florida, Georgia and South Carolina.
Images courtesy of American Landmark Apartments