American Landmark JV Acquires Nashville-Area Community
- Sep 01, 2021
American Landmark and BentallGreenOak have partnered for the first time for the acquisition of a 359-unit community in the Murfreesboro suburb of Nashville, Tenn.
Joe Lubeck, CEO of American Landmark, told Multi-Housing News that the joint venture acquired Parc at Murfreesboro from Equity Resources for nearly $79 million.
The community was completed in 2021 by Equity Resources, who started work on Parc at Murfreesboro in 2019. Located at 3237 Memorial Drive, the community offers one-, two- and three-bedroom floorplans ranging in size from 686 to 1,403 square feet. The developer built the units with granite countertops, stainless steel appliances, washer/dryer units and smart home features.
Parc at Murfreesboro also was built with a pool, fitness center, yoga lawn, pet park with dog wash station, electric vehicle charging stations and detached garages. Lubeck told MHN that the community was 99 percent occupied.
Along with new ownership, American Landmark’s property management team will take over the management and leasing responsibilities at Parc at Murfreesboro. The new property management team will implement improvements throughout the community, including adding a designer clubhouse and pool deck furniture, installing smart locks for the common areas and landscape beautification.
Lubeck told MHN that the improvement plan will also include an upgraded technology package and customer service programs.
EXPANDING SOUTHERN U.S. PORTFOLIO
With Parc at Murfreesboro, American Landmark’s Nashville area portfolio now includes four properties, Lubeck told MHN, adding that the company intends to acquire more communities in the area.
American Landmark also previously partnered with RSE Capital Partners to acquire a 1,848-unit multifamily portfolio that included a 232-unit community in the Hendersonville suburb of Nashville.
Outside Tennessee, American Landmark has also been recently active in other markets of the southern U.S. In June, the company acquired two communities in the Dallas-Fort Worth metropolitan area with plans for $750,000 worth of interior and exterior capital improvements. The Texas acquisitions came on the heels of American Landmark’s purchase of a 270-unit community in Jacksonville, Fla. in May.