Landmark Apartment Trust of America has acquired four multifamily properties located in Florida, Texas and Alabama through two separate transactions totalling USD98.2 million.
Collectively, the properties contain 1,346 units, are 95 per cent occupied and boast a number of attractive amenities.
“With these acquisitions, we continue to grow our footprint, adding four attractive assets situated in desirable growth markets, with incremental opportunities to create value,” says Stanley J Olander, Chief Executive Officer and Director of the Company. “We continue to target opportunities that enable us to acquire top-quality workforce housing in high-growth markets where we have considerable knowledge and operational expertise.”
In the first transaction, LATA acquired three properties totaling 1,032 units located in Florida and Alabama. With the completion of this acquisition, LATA now owns, operates or manages eight properties in the Tampa market, four assets in the Orlando market and three assets in Alabama. The acquired properties include:
• Landmark at Grayson Park, which is 94 per cent occupied, is located at 15501 Bruce B. Downs Boulevard in Tampa, Fla. The property was constructed in 1987 and contains 408 units.
• Landmark at Woodland Trace, which is 93 per cent occupied, is located at 1450 Sunshadow Drive in Casselberry, Fla, a submarket of Orlando. The property was constructed in 1988, expanded in 2005, and contains 384 units.
• Landmark at Lancaster Place, which is 94 per cent occupied, is located at 10 Kensington Manor Drive, Calera, Ala., a submarket of Birmingham. The property was constructed between 2007 and 2008 and contains 240 units.
In the second transaction, LATA acquired Landmark at Collin Creek located at 2301 Pebble Vale in Plano, Texas, a submarket of Dallas. The property was constructed in 1988, contains 314 units and is 98 per cent occupied. With the completion of this acquisition, LATA increased the number of properties it owns, operates or manages in Dallas to 21.
Joseph Lubeck, Executive Chairman of the Company, says: “The completion of these attractive transactions further demonstrates our team’s ability to execute our long-term growth strategy and source properties that fit our investment criteria. We look forward to leveraging our proven platform to enhance operating efficiencies and increase our competitive position.”