American Landmark Acquires Majority Stake in NC Community
- Jan 04, 2019
American Landmark has acquired an ownership stake in Highlands at Alexander Pointe, a 309-unit apartment community in Charlotte, N.C. The deal marks the firm’s eighth acquisition in Charlotte and its 12th acquisition in North Carolina.
Highlands at Alexander Pointe offers a mix of one-, two- and three-bedroom units with an average of 1,163 square feet. Community amenities include a fitness center, business center, clubhouse, swimming pool and 646 parking spaces.
The community is located at 310 Highroad Drive in northeast Charlotte, about a five-minute drive from the University of Carolina at Charlotte. The location provides convenient access to interstates 485 and 85 and is in close proximity to several dining and retail options, including The Shoppes at University Place.
“Charlotte’s employment outlook remains not only positive, but diverse with tech and banking highlighting the area’s dynamic labor market,” said Christine DeFilippis, chief investment officer of American Landmark, in prepared remarks. “These new jobs will drive demand for apartment rentals in both the near and long-term.”
Just last month, American Landmark and its equity partner, Electra America, acquired another Charlotte multifamily asset, the 287-unit Madison Square at Northlake community. The company has completed 26 property acquisitions worth more than $1.5 billion since the beginning of 2018, adding more than 10,000 apartment units to its portfolio.
Image courtesy of Yardi Matrix