American Landmark Expands Tampa Portfolio

The acquisition of a 248-unit community in Wesley Chapel, Fla., brings its portfolio in the area to seven communities.
Parc at Wesley Chapel. Image courtesy of American Landmark Apartments

American Landmark Apartments is continuing its growth into the central Florida region with its latest purchase of a community in the Tampa area. The company acquired Parc at Wesley Chapel from Equity Resources LLC for an undisclosed price.

The 248-unit community was built in 2020 and offers studio, one-, two- and three-bedroom floorplans that range in size from 681 to 1,483 square feet. The units were built with smart home automation and washer/dryer units while the community offers a pool, fitness center, package system, dog wash, pet park, fire pit and electric vehicle charging stations.

Located at 5561 Post Oak Blvd. in Wesley Chapel, Fla., the community is a roughly 20-mile commute to Tampa on the nearby Interstate 75. The area is also home to major nearby employers like Busch Gardens, Saint Leo University and the University of South Florida.

Christine DeFilippis, chief investment officer at American Landmark, said in prepared remarks that Tampa Bay’s diverse job market has led to an increased demand for high-quality housing in the region. DeFilippis added that the area’s fundamentals were supported by the growth of the market’s financial, tech, manufacturing and defense and security industries.

TAKING OWNERSHIP IN ORLANDO

With the Parc at Wesley Chapel acquisition, American Landmark now owns and operates seven communities in the Tampa Bay metro area. Alongside Tampa, the multifamily company has been very active in the central Florida segment that includes Orlando, Fla.

In October, the American Landmark affiliate Electra America acquired two communities totaling 612 units in the Orlando and Tampa metros for $100.5 million. Two months earlier, the company also acquired a 320-unit community in the Space Coast region southeast of Orlando with plans to invest $3 million in upgrades. On top of the recent acquisitions, American Landmark also teamed up with Dezer Development in recently breaking ground on a 365-unit luxury community in Orlando that is scheduled for completion in April 2022.