American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired Parc at Wesley Chapel, a 248-unit Class A apartment community in the Tampa Bay metropolitan area. The property was acquired for an undisclosed price from Equity Resources, LLC.

American Landmark owns and operates seven multifamily communities now in the Tampa Bay metro area.

“Tampa Bay’s diverse job market serves as a compelling pull factor that furthers the demand for high-quality housing in the region,” said Christine DeFilippis, Chief Investment Officer at American Landmark Apartments. “With opportunity in the financial, tech, manufacturing and defense and security industries, the area’s fundamentals made Parc at Wesley Chapel a clear fit for our portfolio that’s expected to continue strong lease-up in the near future.”

Built in 2020, Parc at Wesley Chapel is located at 5561 Post Oak Boulevard. Studios, one-, two- and three-bedroom units range from 681 square feet to 1,483 square feet and include granite countertops, wood-style flooring, smart-home automation, gourmet kitchen with island, Whirlpool stainless steel appliances and washer/dryer. The pet friendly community features a resort-style pool, elevator access, fitness center, Luxer package system, electric vehicle charging stations, dog wash, fire pit with cabanas and a pet park.

Situated in suburban Tampa Bay, the community is found in the family-oriented city of Wesley Chapel. Located just two minutes away from Interstate 75, the property has direct access to Downtown Tampa and surrounding retail and dining amenities. Nearby employers include Busch Gardens, Saint Leo University and the University of South Florida, designated a preeminent state research university.

For more information, please visit www.alapts.com.

Several major upgrades to living spaces and common areas planned

American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired Deerwood Park, a 282-unit multifamily community in Jacksonville. The property will be renamed Eddison at Deerwood Park and will undergo $2.6 million in capital improvements. This is the firm’s fourth Jacksonville-area apartment community in their current portfolio.

“Jacksonville has shown consistency in leveraging its multiple industries such as e-commerce and financial technology, creating jobs that attract a talented workforce and new residents to the city,” said Christine DeFilippis, Chief Investment Officer at American Landmark Apartments. “With Amazon announcing its ninth confirmed facility and manufacturers like S2A Modular investing in a new facility, Jacksonville retains a job-friendly climate that is expected to grow along with its population.”

This year, the company acquired nine multifamily properties, totaling 2,600 units in Florida, Texas and Georgia. The company also broke ground on a $78 million, 365-unit luxury apartment community in Orlando called Deseo Grande.

Joe Lubeck, CEO of American Landmark Apartments, commented “Our industry faced unprecedented challenges in 2020, but our business model has proven resilient and we’ve been able to use the circumstances as an opportunity to strengthen our team, innovate technologically, and enhance our relationship with residents even further. Throughout COVID, our superior operations platform has continued to deliver strong results despite the pandemic. Our collections have been consistently 97% every month, our occupancy has continued to be strong at a portfolio-wide 95.5%, our renewals have actually increased, and we’ve been able to grow rents. We’re proud of the hard work done by the entire team to navigate the changing market and deliver American Landmark’s goal of high quality investment and management services.”

Built in 2001, Deerwood Park is located at 4435 Touchton Road. One-, two- and three-bedroom units include plank flooring, granite countertops, walk-in closets, crown molding and stainless steel appliances. Community amenities feature a fitness center, playground, volleyball court, swimming pool, clubhouse, multi-use room and conference room.

Situated in the strong southside area, Deerwood Park is found near a variety of transit corridors, employment and retail destinations. Interstate 95 is less than 10 minutes away, offering direct access into Downtown Jacksonville.

TruAmerica Multifamily has made its first investment in the state of Texas with the acquisition of Arbors of Las Colinas, a 408-unit Class B apartment home community in the Dallas suburb of Irving, TX.

Berkadia announces it has arranged the sale of Chartwell Court, a 243-unit garden style community in north Houston. Senior Managing Director Ryan Epstein, Senior Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office listed the property on behalf of National Asset Services, a real estate investment firm based in Los Angeles. The buyer is REEP Equity, a real estate investment firm based in San Antonio.

“The property’s significant value-add upside and the lack of new construction in the area illustrated a proven asset with fundamentals to maintain high occupancy,” said Epstein. “With no conventional properties in lease-up, under construction or proposed within proximity of the community, Chartwell Court reflects Houston’s advantageous multifamily market.”

Built in 1995, Chartwell Court is located at 15100 Ella Boulevard. One- and two-bedroom units averaging more than 1,000 square feet include walk-in closets, faux-wood flooring, full-size washer/dryer and private patio/balcony with storage. The pet friendly community features a swimming pool, clubhouse, professional business center, fitness center and social areas with grills.

Situated in north Houston, Chartwell Court is found near multiple transit routes and employers. Interstate 45 is five minutes away, offering direct access to Sam Houston Tollway and Downtown Houston, and Hardy Toll Road is under 10 minutes away. Nearby employers include the 971-acre Pinto Business Park with tenants including Amazon, HD Supply, Sysco and Coca-Cola, along with the upcoming Hewlett Packard Enterprise corporate campus at Springwood Village.

Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.35 million acquisition of Lois Landing Apartments, a 56-unit apartment property located at 115 South Lois Avenue in Tampa, FL. 

Los Angeles, CA – Parkview Financial announced today it has provided a $12.5 million construction loan to Village Development, LLC for a new a mixed-use project situated on 1.59 acres at 1575 NE Village Street in Fairview, OR, a suburb of Portland. The two-building project will include 71 apartment units and 4,267 square feet of ground floor retail space in one of the buildings. Construction has commenced with an expected delivery date of November 2021.  

Los Angeles, Calif. – Stepp Commercial has completed the $9.8 million acquisition of Twin Palms, a 17-unit apartment property located at 136 Cliff Drive and 145 Cedar Way in Laguna Beach, CA. 

Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided capital to refinance Sanctuary at Doral, a nearly completed, 226-unit apartment community with 27,000 square feet of retail space located in Miami, Fla. The existing construction financing at the property was refinanced with an $84 million floating-rate loan for a three-year term with an extension option. Construction at the property is in its final stages, and lease-up efforts are underway.

“This unique, institutional-quality, mixed-use asset is located in the heart of Doral, one of Miami’s fastest growing areas,” said Ray Cleeman, Principal and Head of Capital Markets at Pensam. “We are excited to participate in this financing for a locally based, highly experienced sponsor. This transaction is another example of Pensam’s successful lending program, which provides financing to replace construction loans and allows sponsors the flexibility to complete their projects and lease up their communities without the time pressures and constraints associated with a typical construction loan.”

Sanctuary is centrally located at 9400 NW 41st Street in Doral, on the main corridor through Doral, adjacent to a vast array of restaurants, shops and entertainment/arts venues. Residents have access to a robust amenities package on site including a resort-style pool, child play park, and pet area with spa, as well as significant safety features such as biometric locks and smart key entry. The property will also feature the Shoma Food Bazaar, a diverse food court serving all-day dining needs.

Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning and stabilizing asset operations. Loans are tailored to address each client's needs, while facilitating timely closings.