American Landmark & RSE Capital Acquire $247 Million Off Market Multifamily Portfolio

28 June 2019
Rock Ridge Apartments

Tampa, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, and JV partner, RSE Capital Partners, one of the most active multifamily investors in the country, have acquired a five-property multifamily portfolio with assets in Texas and Tennessee. The 1,848-unit portfolio includes apartment communities in the Dallas-Fort Worth market and the Nashville suburb of Hendersonville, Tennessee. American Landmark acquired the portfolio for $246.77 million in a privately negotiated off-market transaction.

The acquisitions raise American Landmark’s portfolio to approximately 28,000 units throughout the Southeast and Texas, with the firm already halfway towards its goal of completing $2 billion in acquisitions by the end of this year. Recently, American Landmark and RSE acquired Eastport Apartments, a 440-unit apartment community in Jacksonville, FL. This portfolio acquisition marks the JV’s sixteenth investment in over $800M of multifamily assets.

“The Southeast U.S. and Texas continue to show signs of strong population and labor growth, a deciding factor taken into account when acquiring these properties,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Dallas-Fort Worth market ranked second in the country in jobs added and Nashville is illustrating one of the lowest unemployment rates in the country, a trend that we look for in the markets where we invest.”

American Landmark and RSE plan to implement $17.9 million in capital improvements for community and apartment amenities. Improvements include adding stainless steel appliances, new cabinets, new lighting and plumbing fixtures, and USB plugs. Amenity improvements include installation of electronic locks, package locker systems, new pool furniture, as well as clubhouse and fitness center renovations.

The properties in the portfolio include:

·         Meadows of Bedford, a 490-unit asset to be renamed The Logan. Located at 1400 Sierra Springs Drive in Bedford, Texas, the community was built in 1985 and was 95 percent occupied at the time of sale.

·         Remington Hill, a 440-unit apartment community to be renamed Laurel Heights at Cityview. Situated at 5701 Overton Ridge Boulevard in Fort Worth, Texas, the property was built in 1986 and was 96 percent occupied at the time of sale.

·         Rock Ridge Apartments, a 226-unit multifamily community to be renamed Ranch Three O Five. Located at 305 Ranch Drive in Arlington, Texas, the asset was built in 2003 and was 96 percent occupied at the time of sale.

·         Summer Villas Apartments, a 460-unit multifamily community in Dallas to be renamed The Regent. Situated at 17717 Preston Road, the asset was built in 1984 and was 95 percent occupied at the time of sale.

·         Windsor Park Apartments, a 232-unit multifamily community in Hendersonville, Tennessee to be renamed The Hamilton. Located just outside of Nashville at 100 Windsor Park Lane, the property was built in 1985 and was 91 percent occupied at the time of sale.


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