American Landmark Buys $311M Texas Portfolio

The company added six properties located in the Austin, Dallas, Houston and San Antonio metro areas to its rapidly growing platform, which gained more than 10,000 units last year.
Hyde Park at Enclave. Image courtesy of American Landmark

American Landmark Apartments has acquired a six-property multifamily portfolio in Texas for $311 million, adding 2,284 apartment units to its rapidly growing platform. The deal for the communities in and around Houston, San Antonio, Austin and Dallas brings the multi-family owner-operator’s Texas portfolio to 34 assets.

The properties were built from 1999 to 2012 and the deal includes one luxury apartment community. American Landmark plans to roll out $14.7 million in capital improvements for apartment and community amenities.

“We’ve always had an affinity for the Texas multifamily market and its solid fundamentals,” commented American Landmark CEO Joe Lubeck to Multi-Housing News.

“Each metro area offers a unique opportunity for long-term investment, and the decision to grow our portfolio in each of the state’s major markets was supported by the positive returns we’ve experienced,” he added. “With nation-leading job growth numbers, Texas MSAs offered a compelling proposition for value-add acquisitions that allows us to serve residents.”

Growing across metro areas

Occupancy rates of the six properties range from 92.9 to 97.7 percent, according to Yardi Matrix data. The portfolio consists of the following properties:

  • Houston: Hyde Park at Lake Wyndemere—to be renamed Artisan at Lake Wyndemere (2109 Sawdust Road)
  • Houston: Hyde Park at Enclave—to be renamed Hayden at Enclave (12951 Briar Forest Drive)
  • San Antonio: Manor at Castle Hills—to be renamed Alon at Castle Hills (1835 Lockhill Selma Road)
  • Austin: Hyde Park at Ribelin Ranch—to be renamed the Asten at Ribelin Ranch (9900 McNeil Drive)
  • Austin: Hyde Park at Wells Branch—to be renamed Beck at Wells Branch (2801 Wells Branch Parkway)
  • Irving: Lakepointe at Las Colinas—to be renamed The Blvd (5353 W. Las Colina Blvd.)

Hyde Park at Lake Wyndemere is located the Woodlands master-planned neighborhood north of Houston. The garden-style community was built in 2000 and features 320 units. Build in 1999, Hyde Park at Enclave is a newly renovated community in the Briar Forest area west of Houston and offers 476 units.

Manor at Castle Hills, a garden-style community, was built in 2000 and includes 306 units. The property is situated in Castle City to the north of San Antonio.

Hyde Park at Ribelin Ranch is located in the St. Edwards Park area of Austin and was built in 2009. The garden-style community has 350 units. Also in north Austin, Hyde Park at Wells Branch was built in 1999 and features 576 units.

Lakepointe at Las Colinas is a luxury apartment community with 256 units. Built in 2012, the asset is situated in the upscale Las Colinas area in the Dallas suburb of Irving.

Grabbing 10,000 units in one year

American Landmark, together with its equity partner Electra America, focuses on opportunistic investment and aggressive management of multifamily assets in the Southeast. The company’s portfolio totals about 25,000 units in Florida, Georgia, North Carolina, South Carolina and Texas.

Last year, the company completed more than $1.5 billion in property acquisitions, adding more than 10,000 apartment units to its portfolio.