American Landmark Continues Southeast Streak
- Oct 29, 2019
American Landmark Apartments has extended a multifamily deal streak in the Southeast by acquiring Alta Brighton Park, a newly completed 329-unit community just north of Charleston, S.C. Wood Partners built the property located at 115 Great Lawn Drive in the town of Summerville.
NKF served as the sales broker and finance broker in the transaction. American Landmark plans to invest $800,000 in capital improvements and will rename the community Elevate at Brighton Park. Located in the Nexton community of Summerville, the property offers units ranging in size from one to three bedrooms, custom cabinetry, a private balcony or patio and South Carolina’s first gigabit internet service, GigaFi.
Community amenities include a fitness studio, private resident clubhouse and saltwater swimming pool and outdoor lounge area with grills. The improvements program will add electronic smart locks, master closet organizers, Wi-Fi thermostats and frame bath mirrors. American Landmark’s community upgrades will include added pool furniture, dog park agility equipment and landscaping improvements.
The acquisition gives the multifamily owner-operator its second property in South Carolina, after American Landmark scooped up Arbor Village, a 240-unit community in the Charleston area as part of a four-asset portfolio deal last year. The also brings the company closer to its target of expanding its multifamily portfolio by $2 billion in assets this year.