Tampa, Fla. – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has announced it plans to acquire another $1.5 to $2 billion in multifamily properties in 2020, bringing its current portfolio of 33,000 apartment units up to nearly 40,000 units by year end.
Capitalizing off of strong real estate fundamentals in the “Sun Belt” – states like Texas, Florida, Georgia and North Carolina – along with domestic and international investors’ healthy appetite for multifamily product, American Landmark will continue its strategy of opportunistic investing in Class A minus and B product in secondary markets throughout the U.S. southeast.
“We still see plenty of runway in the middle-market multifamily sector in 2020,” said Joe Lubeck, CEO of American Landmark Apartments. “Strong population and job growth continues to fuel demand for apartments in metros across the southeast, and retirees/seniors are also entering the rental market in droves. While the market has become very competitive and overheated in some areas, our disciplined focus on workforce housing, and unprecedented access to off-market or special situation transactions gives us a distinct competitive advantage, and will allow us to continue to be highly selective and produce exceptional returns for our investors.”
American Landmark had a banner year in 2019; the firm added 30 assets, or approximately 6,000 units, with a cumulative value of $1.7 billion to its portfolio, while strategically offloading approximately $500 million in assets. Of those 30 assets, over two-thirds were acquired off-market in special circumstance negotiations.
Also in 2019, American Landmark closed on its 2018 Multifamily Fund II, which raised $462 million from institutional and private investors, and launched its 2019 Multifamily Fund III, with a target raise of $500 investment million. That fund was seeded with the off-market acquisition of a nine-property, 2,578-unit apartment portfolio in early December 2019 for just over $400 million. To date, American Landmark’s funds have generated an average IRR of 23 percent for its investors.
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