DEAL MAP

Charlotte, N.C. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired The Oaks, a 318-unit garden-style community located in Charlotte. Situated just 15 minutes north of the downtown in the West Sugar Creek area, the asset marks the firm’s sixth acquisition in the Charlotte market. The property was 94 percent occupied at the time of the sale.

American Landmark, and its partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 25 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

Charlotte’s strong long-term job and population growth has made it a focus of continued strategic investment for the company.

“Charlotte is one of the fastest-growing metro areas in the United States, and added almost 200,000 jobs over the past five years,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We anticipate the demand for apartments to outpace supply for many years to come.”

American Landmark will invest approximately $2.3 million into interior and exterior upgrades to the property. Unit enhancements will include stainless steel appliances, new kitchen cabinets and granite countertops, tile blacksplashes and new brushed chrome faucets, smart thermostats, two-inch blinds, USB plugs, Bluetooth speaker lighting fixtures, under-the-cabinet lighting systems, and plank flooring to carpeted upper floor units. Enhancements to the overall community will include adding a pet grooming station, a package locker system, new landscaping, and enhancements to the clubhouse.

Built in 1996, The Oaks consists of one- and two-bedroom apartments in three-story garden-style buildings. Average unit size is around 833 square feet, and all units feature washer/dryer machines. Attached garages are available and fireplaces are in select units. Community amenities feature a large swimming pool with travertine deck, clubhouse with cyber café, bocce ball court, fitness center, car care center, and dog park.

Nashville, Tenn. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Verse on Bell, a 336-unit garden-style asset in Antioch to be renamed Lyric on Bell. The acquisition punctuates American Landmark’s re-entry into the Tennessee multifamily market, following historically successful multifamily investments in the state. The property was 95 percent occupied at the time of purchase.

 

American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 23 property acquisitions worth $1.4 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

 

The firm plans to implement approximately $3.72 million in interior and exterior capital improvements throughout the property. Unit enhancements will include new kitchen cabinet doors, tile backsplash, spray kitchen countertops, washer/dryer, electronic key fobs, and USB chargers. Community upgrades will include a package locker system and clubhouse renovations.

 

“Nashville is experiencing a continuous revitalization in employment, with over 1 million payrolls for the first time and the 2.7 percent unemployment rate essentially indicating full employment,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With financial and manufacturing activities continuing to supplement the area’s labor market, the variety of jobs helped make the decision of returning to the Tennessee market an easy one.”

 

“Our acquisition strategy entails having a long-term vision for areas we make investments in,” added Joe Lubeck, CEO of American Landmark. “With Amazon bringing a new Center of Excellence for its Operations business that will create 5,000 jobs, Nashville is a dynamic city that promises steady growth, supplementing its multifamily market in the process.”

 

Verse on Bell features one-, two-, and three-bedroom units. Unit amenities include dishwasher, range, pantry, fireplace, walk-in closets, black appliances, plank flooring, and balcony/patio. Community amenities include a clubhouse with business center, 24-hour fitness center, two resort style pools, a dog park, two lighted tennis courts, and picnic/recreation areas.

 

Located at 455 Arbor Place, Verse on Bell is located near important transit routes and employment hubs. Located less than five minutes away from Interstate 24, Verse on Bell is about 20 minutes away from Downtown Nashville, surrounded by major employers including Vanderbilt University, Nissan Stadium, Bridgestone Arena, Saint Thomas Midtown Hospital, and Adventure Science Center, among others.

American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has appointed Lisa Grosse to the position of  Executive Vice President of Design and Community Development – a newly created position that bridges the roles of capital management and interior design.

Grosse had previously served as American Landmark’s Executive Vice President for the Eastern Region, which has now been filled by Pip Cornish of Charlotte, North Carolina.

“This position was tailor-made for Lisa, who has over two decades of senior leadership in multifamily asset management, tremendous project management and financial acumen, and an eye for good design,” said Stacey Bondar, Chief Operating Officer- East Coast for American Landmark.

In this role, Grosse will  work closely with the company’s COOs, EVPs, regional managers, contractors and vendors to plan and execute property rebranding and brand management, building design and construction projects, resident-focused events such as grand re-openings, and other initiatives with a brand and company culture focus.

Grosse resides in Atlanta, Ga.

American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has appointed Pip Cornish to the position of Executive Vice President for the Eastern Region. In this role, Cornish will oversee all aspects of property management at American Landmark’s 18 communities in North Carolina, South Carolina and Georgia, including operations, financial performance, product marketing and staffing.

He assumes the title from Lisa Grosse, who was recently appointed Executive Vice President of Design and Community Development.

Cornish brings over 20 years of experience in the multifamily sector, most recently serving as Director of Operations at Cortland Partners. He also held positions at Pegasus Residential, Equity Residential and GID Windsor Communities.

“Pip brings a wealth of experience in the multifamily space to American Landmark, including strengths in leasing oversight, asset management and capital improvements,” said Joseph Lubeck, Chief Executive Officer at American Landmark. “Most of all, he brings a passion for people, and has a unique talent for training/development. Under his leadership, our team members will be the most well-rounded, highly skilled professionals in the industry.”

Cornish resides in Charlotte, North Carolina.

 

Plantation and Royal Palm Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired two garden-style apartment communities in South Florida. The sellers were represented by ARA Newmark in a privately negotiated transaction. New ownership intends to conduct a multimillion dollar renovation program on both properties.

The communities acquired are Siena Apartments, a 292-unit apartment community located at 8080 NW 10th Court in Plantation; and Hidden Harbor Apartments, a 200-unit community located at 222 Kingfisher Way in Royal Palm Beach.

With these acquisitions, American Landmark now owns and manages six apartment communities in South Florida and over 24,000 units across the Southeast U.S or “Sun Belt” region.

American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 22 property acquisitions worth $1.4 billion since the beginning of 2018, adding 9,242 apartment units to its portfolio.

“We were attracted to the extraordinary location of these two assets, and with our improvements, they will rise to ‘best in class’ properties in their respective neighborhoods,” said Christine DeFilippis, Chief Investment Officer at American Landmark.

Siena Apartments is a garden-style apartment community located close to the city of Fort Lauderdale, and within miles of large national employers including Magic Leap, Westside Regional Hospital, Plantation General Hospital and Nova Southwestern University. The property has 292 one- and two-bedroom units overlooking a scenic lake. Amenities include a resort-style swimming pool, fitness center, car care center, handball court and playground.

American Landmark will invest $3.54 million in upgrades to the interior units, including installation of granite countertops and stainless steel appliances, and will renovate upgrade common areas. They will add a new small dog park, barbecue grill station and package locker system. Average in-place effective rent is $1,517/unit. The property is 97 percent occupied.

Hidden Harbor is situated between the affluent towns of Wellington and West Palm Beach, and comprises 200 two-bedroom, two-bath units. Community amenities include a fitness center, dog park, playground, resort-style pool, waterfront grills and cooking stations, car wash stations, a lighted tennis court and a fishing pier.

American Landmark will invest $2.7 million in upgrades to units, including granite countertops in kitchens and bathrooms, new cabinets and hardware, and stainless steel appliances. The company will also expand the existing clubhouse, renovate the fitness center and add valet trash and a package locker system. The property is 94 percent occupied with an average in-place effective rent of $1,425/unit. 

Plano, Texas – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Legends at Ridgeview Ranch, a 480-unit garden style asset located in Plano, Texas. The property will undergo approximately $3.675 million in capital improvements and is the firm’s third acquisition in the Dallas metro area. The community was over 96 percent occupied at the time of sale.

American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 22 property acquisitions worth $1.4 billion since the beginning of 2018, adding 9,242 apartment units to its portfolio.

American Landmark plans to implement an array of improvements throughout the property including granite countertops, tile backsplash, new cabinet faces and hardware, two-inch blinds, kitchen faucet upgrades, enhanced and expanded gym, package locker system, washer/dryer in all units, and keyless locks.

“The Dallas metro area economy continues to expand at a remarkable rate, with over 116,000 jobs added since August 2017,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Demand easily exceeds new supply coming online thanks to newly formed households and great job numbers.”

The Dallas-Plano-Irving metro area added 91,000 new jobs between August of 2017 and August of 2018, according to the Texas Bureau of Labor Statistics – a 3.6 percent increase year over year.

Built in 1999, Legends at Ridgeview Ranch is located at 2300 Kathryn Lane. One-, two-, and three-bedroom units offer ceiling fans, alarm, double vanities, fireplace, framed mirrors, dishwasher, stainless steel appliances, island kitchen, and range. Community amenities include two resort-style swimming pools with hot tubs and grilling stations, a 24-hour fitness center, yoga studio, basketball court, clubhouse, business center and dog park.

Situated in north Plano, the property is found near important transit routes and employment opportunities. Sam Rayburn Tollway is five minutes away, offering direct access to Downtown Dallas. The University of Texas at Dallas is approximately 20 minutes away, and South Central Expressway is about 10 minutes away, providing an additional route to the city of Garland.

 

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About American Landmark

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.

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