Four garden-style multifamily properties in San Antonio and the Austin submarket of Round Rock have been acquired by a newly formed partnership between Elco Landmark Apartment Trust Holdings LLC, DeBartolo Development LLC and LEM Capital. The combined price is of approximately $44 million.
The four communities total 771 units with a 95 percent occupancy level. Amenities include a clubhouse, swimming pool, spa/hot tub, tennis courts, picnic areas, fitness center and laundry facility. Renovation and repositioning programs are planned in order to improve the physical structure and aesthetics of the properties, as well as to increase the value and financial gain opportunities.
The former Hampton North, today Landmark at Amelia Ridge, is located at 1500 Lawnmont Dr. in Round Rock, Texas. It has 188 units that were built in 1985. Landmark at Auburn Manor was known before acquisition as Vista Ridge and is located at 1200 South Mays St., also in Round Rock. Its 200 units were built in 1984.
The other two residential communities—Landmark at Atrium Commons and Landmark at Stratton Park—are located in San Antonio and were built in 1983 and 1985, containing 256 and 127 units, respectively.
“The acquisition of these assets is another example of our unique ability to source attractive investment opportunities in high-growth metropolitan markets located across the South,” said Joseph Lubeck, CEO of Elco Landmark Residential. “We look forward to leveraging our redevelopment and repositioning expertise to improve the quality of each asset, creating an enhanced living environment for tenants while allowing us to capture unrealized cash flow potential.”
Elco Landmark Residential is a real estate investment firm headquartered in Tampa, Fla. that manages and owns interests in 17,762 units from 59 multifamily properties spread across the Southeastern part of the country. The company’s mission is to purchase mid-income multifamily properties below market value and reposition them on the South market where they have competitive advantage and plenty of expertise. DeBartolo Development LLC is one of the largest privately owned real estate development companies in the country, and LEM Capital is a real estate fund manager.
Chart courtesy of Marcus & MIllichap