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.