Blackstone Unit JV Sells 2 Sun Belt Assets
Both properties are in supply-heavy markets.
American Landmark Apartments has acquired Courtney Meadows and Tramore Village, two assets totaling 600 units in Jacksonville, Fla., and Austell, Ga., respectively. Blackstone’s LivCor previously owned the properties in partnership with Cortland, according to Yardi Matrix.
The acquisitions closed just three months after American Landmark had secured initial capital commitments of $400 million for its fifth investment vehicle. The fund targets the purchase, renovation and management of market-rate properties across the Sun Belt.
The two recent investments incorporate the same value-add strategy throughout two markets that have consistently displayed strong population growth and potent housing demand, according to a company statement.
Courtney Meadows and Tramore Village, up close
The Jacksonville community, dubbed Courtney Meadows, is a 2001-completed property that encompasses 276 apartments across 13 three-story buildings. Units feature one- to three-bedroom floorplans averaging 1,047 square feet.
Carrying the address 7820 Baymeadows Road E., Courtney Meadows is approximately 14 miles southeast of downtown Jacksonville. Interstate 295 runs less than 1 mile away, while a nearly 1.4 million-square-foot shopping center is within 4 miles.
The other purchase, Tramore Village, is a 324-unit asset located at 2222 East-West Connector, about 21 miles northwest of downtown Atlanta.
This property also debuted in 2001, featuring nine buildings rising three and four stories. Floorplans include one- to three-bedroom layouts that average 1,110 square feet.
Across both Jacksonville and Atlanta, advertised rents ticked down year-over-year as of March, a trend observed in many supply-heavy Sun Belt markets, according to a Yardi Matrix report. However, as much of the supply gets absorbed and the multifamily construction market adjusts, investment remains a focal point.
