The 208-unit Waverly Place Apartments in Melbourne, Fla. will be renamed “City Harbor”
American Landmark Apartments, announces it has acquired the 208-unit Waverly Place Apartments in Melbourne, Fla. The apartments – the company’s third asset within the Palm Bay/Melbourne area – will be renamed “City Harbor.”
So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt states of Texas, Florida, Georgia, and North and South Carolina, and has a significant presence in the Florida metros of Orlando, Tampa, Jacksonville and South Florida.
“The growth of the aerospace and manufacturing industries along Florida’s Space Coast has generated a large number of jobs and significant demand for high-quality apartments with a variety of amenities,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “This property aligns perfectly within our strategy of targeting strong job and population growth markets in business-friendly states.”
Built in 1987 and located at 2395 Woodwind Trail, Waverly Place/City Harbor offers resort-style living surrounded by tropical landscaping alongside a peaceful private lake. With one-, two- and three-bedroom floor plans ranging from 700 to 1,025 square feet, the apartments offer generous space for any size family. Community amenities include a clubhouse, business center, state-of-the-art fitness center, swimming pool, summer kitchen/barbecue area, bark park and laundry facilities.
The property is located just minutes from the historic downtown Melbourne, and within 20 minutes of several large employers including Harris Corporate and Space Coast Credit Union headquarters. The property is approximately 10 minutes from Embry-Riddle Aeronautical University and the beaches; 15 minutes from Melbourne-Orlando International Airport; and one hour from Orlando International Airport.
San Antonio, Tex. (October 25, 2021) – American Landmark Apartments, announces it has acquired Palmette Pointe Apartments, a 328-unit apartment community located in the northwest section of San Antonio, Tex., in the city’s Medical Center submarket. This is American Landmark’s seventh property under management in San Antonio.
So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt.
“Measured development of new apartments over the past decade, combined with strong overall job growth, has made San Antonio’s multifamily market increasingly attractive for investors,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Palmetto Pointe in particular benefits from a terrific location directly on the VIA Metropolitan Transit bus route, across from USAA corporate campus, and within five minutes of the South Texas Medical Center, which boasts nine major medical institutions and hundreds of medical offices that employ over 30,000 professionals.”
Built in 2020, Palmetto Pointe is a gated community located at 4835 USAA Boulevard. The property consists of one- and two-bedroom apartments ranging in size from 653 square feet to 1,451 square feet. Individual apartments feature gourmet kitchens with quartz countertops and stainless-steel appliances, walk-in closets, garden-style bathtubs, private patios and balconies, and full-sized laundry appliances. Community amenities include a resort-style swimming pool with cabanas and outdoor fireplace, clubhouse with state-of-the-art fitness center, business center, internet café, and luxurious entertainment room with Billiards and flat screen TVs.
Located just 20 minutes from downtown San Antonio, the property is just five minutes from the city’s numerous medical facilities at the South Texas Medical Center, 15 minutes from the University of Texas at San Antonio, and close to major shopping and tourist destinations including Topgolf and Fiesta Six Flags.
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.