American Landmark Expands NC Footprint
The Florida-based company teamed up with Electra America to acquire a three-property portfolio comprising more than 1,000 units. The new owners plan to invest up to $8 million in renovations.
In a partnership with Electra America, American Landmark has acquired three North Carolina multifamily communities. According to Yardi Matrix data, the buyer purchased the 1,098-unit portfolio from LivCor for roughly $167 million. The company is set to invest an additional $7.7 million to renovate the assets.
The 330-unit Edinborough at the Park is located at 200 Edinborough Drive in Durham. Completed in 1999, the community was 95 percent occupied at the time of sale. The transaction was subject to a $34.9 million Freddie Mac loan. Following renovations, the property will be renamed 200 East.
The 1997-built Edinborough Commons offers 312 units and is located at 6421 Campus Drive in Raleigh. The community, which is planned to be renamed The Mark after renovations, was 94 percent occupied at the time of sale. This transaction, too, was subject to a $30.1 million loan held by Freddie Mac.
Both communities include common-area amenities such as a fitness center, business center, tennis court, swimming pool, laundry facilities and covered parking. The new owners will invest approximately $4.5 million in upgrades, including new appliances and kitchen cabinetry, lighting and plumbing fixtures, installation of washer/dryers in some units, and improvements to common areas including the pools, clubhouse and landscaping.
The 456-unit Steele Creek South was developed in 2007. The property, located at 13212 Winter Hazel Road in Charlotte, comprises one- to four-bedroom units ranging from 585 to 1,500 square feet. American Landmark is planning to invest approximately $3.2 million in property improvements and will rename the asset Avant at Steele Creek. The sale of Steele Creek South was subject to a $47.9 million Freddie Mac loan.
This isn’t the first deal between American Landmark and its debt and equity partner Electra America. They have recently closed on a multi-state portfolio totaling more than 1,000 units.
“We’re seeing a lot of tech-fueled growth across the Southeast, and in Research Triangle Park area, of course, combined with overall low unemployment across the country. This has created an unprecedented demand for housing and apartments,” Christine DeFilippis, chief investment officer at American Landmark, said in a prepared statement.
Images courtesy of American Landmark