A partnership between American Landmark and RSE Capital Partners has acquired a five-property multifamily portfolio across two states for $246.6 million. The off-market deal included a total of 1,848 residential units across the Dallas-Fort Worth and Nashville metropolitan areas.
The Texas properties include the 490-unit Meadows of Bedford, which will be rebranded as The Logan, in the town of Bedford. Built in 1985, the community was 95 percent occupied at the time of the sale. Remington Hill, a 440-unit community that will be renamed Laurel Heights at Cityview, is located in Fort Worth. The property was built in 1986 and was 96 percent occupied at the time of the deal. The Nashville property, Windsor Park Apartments, is a 232-unit community in the suburb of Hendersonville that will be renamed The Hamilton. The property was built in 1985 and was 91 percent occupied at the time of the sale.
The joint venture, which recently purchased a 440-unit community in Jacksonville, Fla., plans to spend nearly $18 million in capital improvements to the five properties, including interior upgrades such as stainless steel appliances, new cabinets, new lighting and plumbing fixtures and USB plugs. Community amenity improvements will include electronic locks, package locker systems, new pool furniture and renovations to clubhouses and fitness centers.
ON THEIR RADAR
American Landmark CEO Joe Lubeck told Multi-Housing News that the company is targeting metros in the U.S. that have attractive demographics.
“We’re focused on investing in markets with high job and population growth, making the southeast U.S. and Texas perennial favorites for us as we execute our $2 billion acquisition strategy this year,” said Lubeck. “Smaller markets like Nashville have already been on our radar, with a low unemployment rate stemming from a high quality of life that’s contributing to a rise in population. Those market fundamentals are really what drives our growth across the U.S.”