Thu, 03/01/2013 - 06:01
Elco Landmark Residential’s private label partnership with Timbercreek Asset Management has acquired a portfolio of four multifamily properties from Colonial Properties Trust for approximately USD95.4m.
The assets are located in Texas, North Carolina and Virginia and total 1,380 units. Collectively, the portfolio is 95 per cent occupied.
The portfolio purchase marks the first transaction completed under Elco Landmark and Timbercreek’s private label partnership, which is focused on acquiring multifamily assets located in the Southeastern US at an advantageous price and significant discount to replacement cost.
“We are pleased to partner with Timbercreek to acquire four quality multifamily assets that offer considerable unrealised cash flow potential,” says Joseph Lubeck, chief executive of Elco Landmark Residential. “Elco Landmark has an impressive history of unlocking embedded value by implementing our proven renovation and repositioning strategy. We believe the Colonial portfolio is a prime investment opportunity as we continue to identify assets in high-growth Southeastern markets.”
The four properties in the portfolio include:
• Colonial Village at Canyon Hills, a 229-unit property built in 1995 and located in Austin, Texas;
• Colonial Village at Highland Hills, a 250-unit property built in 1987 and located in Chapel Hill, North Carolina;
• Heatherwood Apartment Homes, a 476-unit property completed in 1980 and located in Charlotte, North Carolina; and
• Autumn Hill Apartments, a 425-unit property built in 1980 and located in Charlottesville, Virginia.
Elco Landmark plans to rebrand each property and implement a 10 month renovation and repositioning programme to improve each property’s physical structure and aesthetics. Planned upgrades include new signage, remodelled clubhouses and model units, dog park additions, café additions, Wi-Fi and business centre additions, new interior lighting packages, new cabinet doors and hardware, new vinyl flooring in kitchens and baths, and new appliances and carpeting.
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