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The JV closed on the acquisition of a new 359-unit property in the Nashville metro area
American Landmark, one of the fastest-growing multifamily owner-operators in the country, announced today that it has entered into a joint venture partnership with BentallGreenOak (“BGO”), a global real estate investment management advisor, to acquire Parc at Murfreesboro. Located in the sought-after Murfreesboro suburb of Nashville, Tennessee, the newly built 359-unit asset was acquired off-market and closed on August 26th, 2021.
“We are delighted to partner with BGO, a global leader in real estate investment management with deep capital sources and expertise in all facets of real estate investment,” said Joe Lubeck, CEO of American Landmark Apartments. “Our companies share many values in common, most importantly a highly disciplined approach to investing and an emphasis on resident satisfaction and outstanding customer service.”
“We are excited to begin this partnership with an exceptional off-market acquisition in suburban Nashville. American Landmark is known as a premier sponsor and operator in the Sunbelt multifamily space and this transaction marks the first step in growing our relationship with them,” added Kevin Rivest, Managing Director of Investments at BGO.
Located at 3237 Memorial Drive, Parc at Murfreesboro was completed in 2021 and offers one-, two- and three-bedroom floor plans with top-of-the-line unit features, including luxurious gourmet kitchens with granite countertops, shaker cabinets with brushed nickel pulls, and Whirlpool stainless street appliances. Each apartment home also has its own washer/dryer, wood-style flooring, and smart home thermostats, door locks and lighting fixtures. Community amenities include a resort-style swimming pool with cabanas and a fire pit; fitness center with virtual fitness training; a yoga lawn/zen area; electric vehicle charging stations; a well-appointed pet park and dog wash station; and detached garages are available.
American Landmark’s property management team will assume responsibility for successful lease-up and stabilization of the property, and will implement additional improvements including landscape beautification, designer clubhouse and pool deck furniture, and smart locks throughout the common areas.
Ranked the among the top 20 highest job growth cities in the U.S. by the U.S. Census Bureau, Murfreesboro boasts top schools, strong demographics and access to top employers. Average median household income within one mile is $106,991, while median home value is $324,000. Parc at Murfreesboro has immediate access to major highways providing ease of commute to Smyrna and downtown Nashville.
American Landmark, one of the fastest-growing multifamily owner-operators in the country, has appointed two new professionals to its Capital Markets team. Taryn Crawford has joined as Director of Capital Markets, and Julie Bauch has assumed the role of Head of Capital Markets. Crawford and Bauch are responsible for managing American Landmark’s existing investor relationships and generating new capital for its funds and strategic partnerships. They both report to David Tepperman, Global Head of Capital Markets.
Prior to joining American Landmark, Crawford served as Vice President on the project management team at Mercury Capital Advisors. Prior to that, she spent her career in wealth management where she provided comprehensive financial planning to private equity and real estate managers and Fortune 500 executives, advising clients on tax planning, investment planning, estate planning, retirement planning and more. Crawford received her B.A. from Manhattan College, her J.D. from St. John's University School of Law and is admitted to the New York Bar.
American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, is pleased to announce the final closing of American Landmark Fund III and its affiliated entities (“Fund III”) on July 13, 2021. Launched on December 1, 2019, Fund III exceeded its initial hard cap and closed on $918 million in equity commitments from third-party investors.
Fund III is American Landmark’s third closed-end real estate fund focused on the acquisition and management of value-added multifamily properties located in the Sunbelt region. It generated strong demand from existing and new investors and received commitments from domestic and foreign institutions, including sovereign wealth funds, pension funds and endowments.
The capital raised will allow the company to deploy approximately $2.6 billion towards the acquisition and repositioning of multifamily properties.
“Our ability to raise almost $1 billion in capital over the course of this fundraise, amidst the economic uncertainty and market volatility brought on by the pandemic, underscores our global investors’ confidence in American Landmark’s investment strategy and the U.S. multifamily sector at large,” said Joe Lubeck, CEO of American Landmark Apartments.
David Tepperman, Global Head of Capital Markets for American Landmark Apartments, added, “We are gratified with the high quality of global institutional investors that have chosen to commit to this fund and the overwhelming interest in the value-added multifamily sector that these investors expressed.”
American Landmark is both the fund sponsor and a hands-on operator with a portfolio of 34,000 apartment units in Sunbelt markets.
This is the firm’s 41st Texas property and their 17th in the Houston metro area.
“Houston has shown promising signs of a strengthening economy as consumer confidence and business outlooks improve throughout the metro area,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The uptick in manufacturing and a rise in service sector optimism indicates a positive trajectory for market fundamentals that complement our continued goals in the region.”
The capital improvements program will include numerous upgrades throughout the property. Unit renovations will include stainless steel appliances, new kitchen tile backsplash, new cabinet faces with contemporary hardware in kitchens and bathrooms, luxury plumbing and lighting fixtures, master closet organizers in master bedrooms, upgraded bath accessories and electronic smart locks.
Community amenities will feature landscape beautification, dog park agility course, pet wash, clubhouse enhancements, new fitness center equipment and new pool furniture.
Built in 2005, Stone Creek Apartments is located at 3600 College Park Drive. One- and two-bedroom units include granite countertops, walk-in closets and a washer/dryer. Community amenities feature a swimming pool, clubhouse with Wi-Fi, tennis court, tennis court, courtyard, picnic area and a Zen garden.
Located in The Woodlands, the community is situated near multiple transit routes and employers. Lone Star College Montgomery is less than a minute away, and Woodforest Bank Stadium is about five minutes from the property. Interstate 45 is also about five minutes away from the community, offering direct access into Houston and throughout the metro area.
For more information, please visit www.alapts.com.
Tampa, Fla. (January 25, 2021) – American Landmark, an industry leader and one of the fastest-growing multifamily owner-operators in the country, has promoted Cornelious Callaway Jr. to Regional Vice President. In this role, Callaway Jr. will oversee day-to-day operations and management of American Landmark apartment communities in the Atlanta, Raleigh, and Charleston markets. Callaway Jr. resides in Atlanta.
“Cornelious is an effective communicator who has consistently delivered results, improving occupancy and retention at our communities, while meeting and exceeding customer service needs and expectations,” said Stacey Bondar, Chief Operating Officer at American Landmark. “He has provided actionable insights to help mitigate costs and produce high-level sales, advancing American Landmark’s focus on development and long-term growth, thereby demonstrating his readiness to take on a larger, more significant role in the organization.”
Callaway Jr. joined American Landmark in March 2020 as Regional Property Manager responsible for seven properties in the Atlanta metro area. In that role, he mobilized business resources and evaluated marketing plans to manage a portfolio of more than 1,500 units in Georgia and South Carolina. Prior to joining American Landmark, Callaway Jr. held roles at CF Real Estate, RADCO and Greystar.
Fort Worth, Tex. (November 2, 2020) – American Landmark Apartments
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 33,000 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, 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.