Berkadia secured financing for the acquisition of Emery Bay at Lakepointe, a 360-unit, garden-style apartment community located in Lewisville, Texas, approximately 30 minutes north of Dallas. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office, along with Senior Managing Director Robert Falese and Managing Director Matthew Cullison of Berkadia’s Philadelphia office, secured the loan on behalf of the borrower, American Landmark Apartments.

Fannie Mae provided the 10-year, fixed rate loan for $36.59 million, with full-term interest only, through its Green Rewards program.

Built in 1997, Emery Bay at Lakepointe is located at 901 Lakeside Circle and consists of one-, two- and three-bedroom apartments in 12 three-story buildings.  Units have new granite countertops, new cabinets, 9- or 10-foot ceilings, and wrap-around patios or balconies. Amenities include a clubhouse with business center and cyber café, fitness center with a yoga room, resort-style swimming pool with spa, volleyball court, bark park, and laundry facility.

American Landmark will carry out approximately $3.5 million in capital improvements on the property, including upgrades to unit interiors and amenity enhancements. In-place average effective rent at Emery Bay is $1,254 per unit, and the property is 94 percent occupied. 

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About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

 

© 2018 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

 

American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired The Oaks, a 318-unit garden-style community located in Charlotte. Situated just 15 minutes north of the downtown in the West Sugar Creek area, the asset marks the firm’s sixth acquisition in the Charlotte market. The property was 94 percent occupied at the time of the sale.

American Landmark, and its partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 25 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

Charlotte’s strong long-term job and population growth has made it a focus of continued strategic investment for the company.

“Charlotte is one of the fastest-growing metro areas in the United States, and added almost 200,000 jobs over the past five years,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We anticipate the demand for apartments to outpace supply for many years to come.”

American Landmark will invest approximately $2.3 million into interior and exterior upgrades to the property. Unit enhancements will include stainless steel appliances, new kitchen cabinets and granite countertops, tile blacksplashes and new brushed chrome faucets, smart thermostats, two-inch blinds, USB plugs, Bluetooth speaker lighting fixtures, under-the-cabinet lighting systems, and plank flooring to carpeted upper floor units. Enhancements to the overall community will include adding a pet grooming station, a package locker system, new landscaping, and enhancements to the clubhouse.

Built in 1996, The Oaks consists of one- and two-bedroom apartments in three-story garden-style buildings. Average unit size is around 833 square feet, and all units feature washer/dryer machines. Attached garages are available and fireplaces are in select units. Community amenities feature a large swimming pool with travertine deck, clubhouse with cyber café, bocce ball court, fitness center, car care center, and dog park.

Nashville, Tenn. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Verse on Bell, a 336-unit garden-style asset in Antioch to be renamed Lyric on Bell. The acquisition punctuates American Landmark’s re-entry into the Tennessee multifamily market, following historically successful multifamily investments in the state. The property was 95 percent occupied at the time of purchase.

 

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 23 property acquisitions worth $1.4 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

 

The firm plans to implement approximately $3.72 million in interior and exterior capital improvements throughout the property. Unit enhancements will include new kitchen cabinet doors, tile backsplash, spray kitchen countertops, washer/dryer, electronic key fobs, and USB chargers. Community upgrades will include a package locker system and clubhouse renovations.

 

“Nashville is experiencing a continuous revitalization in employment, with over 1 million payrolls for the first time and the 2.7 percent unemployment rate essentially indicating full employment,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With financial and manufacturing activities continuing to supplement the area’s labor market, the variety of jobs helped make the decision of returning to the Tennessee market an easy one.”

 

“Our acquisition strategy entails having a long-term vision for areas we make investments in,” added Joe Lubeck, CEO of American Landmark. “With Amazon bringing a new Center of Excellence for its Operations business that will create 5,000 jobs, Nashville is a dynamic city that promises steady growth, supplementing its multifamily market in the process.”

 

Verse on Bell features one-, two-, and three-bedroom units. Unit amenities include dishwasher, range, pantry, fireplace, walk-in closets, black appliances, plank flooring, and balcony/patio. Community amenities include a clubhouse with business center, 24-hour fitness center, two resort style pools, a dog park, two lighted tennis courts, and picnic/recreation areas.

 

Located at 455 Arbor Place, Verse on Bell is located near important transit routes and employment hubs. Located less than five minutes away from Interstate 24, Verse on Bell is about 20 minutes away from Downtown Nashville, surrounded by major employers including Vanderbilt University, Nissan Stadium, Bridgestone Arena, Saint Thomas Midtown Hospital, and Adventure Science Center, among others.

American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has appointed Lisa Grosse to the position of  Executive Vice President of Design and Community Development – a newly created position that bridges the roles of capital management and interior design.

Grosse had previously served as American Landmark’s Executive Vice President for the Eastern Region, which has now been filled by Pip Cornish of Charlotte, North Carolina.

“This position was tailor-made for Lisa, who has over two decades of senior leadership in multifamily asset management, tremendous project management and financial acumen, and an eye for good design,” said Stacey Bondar, Chief Operating Officer- East Coast for American Landmark.

In this role, Grosse will  work closely with the company’s COOs, EVPs, regional managers, contractors and vendors to plan and execute property rebranding and brand management, building design and construction projects, resident-focused events such as grand re-openings, and other initiatives with a brand and company culture focus.

Grosse resides in Atlanta, Ga.

American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has appointed Pip Cornish to the position of Executive Vice President for the Eastern Region. In this role, Cornish will oversee all aspects of property management at American Landmark’s 18 communities in North Carolina, South Carolina and Georgia, including operations, financial performance, product marketing and staffing.

He assumes the title from Lisa Grosse, who was recently appointed Executive Vice President of Design and Community Development.

Cornish brings over 20 years of experience in the multifamily sector, most recently serving as Director of Operations at Cortland Partners. He also held positions at Pegasus Residential, Equity Residential and GID Windsor Communities.

“Pip brings a wealth of experience in the multifamily space to American Landmark, including strengths in leasing oversight, asset management and capital improvements,” said Joseph Lubeck, Chief Executive Officer at American Landmark. “Most of all, he brings a passion for people, and has a unique talent for training/development. Under his leadership, our team members will be the most well-rounded, highly skilled professionals in the industry.”

Cornish resides in Charlotte, North Carolina.

 

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. 

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