CHARLOTTE, N.C. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has added Matthews Crossing Apartments to its rapidly expanding portfolio of suburban apartment communities. The 460-unit apartment complex, built in two phases during the 1980s and 1990s, will be the ninth American Landmark property in the Charlotte area. It will be renamed “The Madison.”

 

American Landmark, and its debt and equity partner Electra America, own and operate over 23,000 apartments throughout the Southeastern U.S. The company selectively acquires value-add properties in strategic locations across the Southeast, and anticipates completing $1.5 billion in multifamily acquisitions in 2018. All of its newly acquired properties are upgraded and modernized, providing many of the amenities today’s renters desire most.

 

“Charlotte ranks as one of the top ten job growth markets in the U.S., so there is and will continue to be a need for attainably priced rental housing throughout the area,” said Christine DeFilippis, Chief Investment Officer at American Landmark.  “The Madison, in particular, benefits from a pre-eminent location just off of Independence Boulevard, which was recently expanded, providing easy access to downtown employment centers as well as the sought-after suburb of Matthews.”

 

Located at 7815 Calibre Crossing Drive, The Madison offers one-, two-, and three-bedroom apartments, each with a fully equipped kitchen, full-size washer/dryer, spacious closets, and amenities including a fitness center, three swimming pools, a barbecue area, and Wi-Fi hotspots. The pet-friendly community is ideally located close to Highway 74 and I-485, and just minutes from Greenway Park Elementary, McClintock Middle School, and East Mecklenburg High School, along with several golf courses, lakes and a walking trail.

 

American Landmark will immediately carry out a $4.5 million capital improvement plan that will include the installation in each apartment of new kitchen cabinets, backsplashes, stainless steel appliances, upgraded light fixtures, and faux-wood plank flooring, along with a variety of improvements to the community clubhouse and grounds.

 

The Madison was 92 percent occupied at the time of acquisition, with in place effective rents of $988 per month.

TAMPA – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired four properties in Florida, Georgia and South Carolina as part of a four-property portfolio purchase totaling 1,212 apartment units.

The four properties acquired in the portfolio are:

·         Arbor Terrace, to be renamed One Rocky Ridge, is located at 1 Rocky Ridge Boulevard, Douglasville, GA. Built in 2003, the property has 300 apartments and is 95 percent occupied.

·         Summerset, to be renamed The Oxford, is located at 50 Greenleaf Road, Conyers, GA. Built in 1999, the property has 240 apartments and is 96 percent occupied.

·         Bella Apartments Homes, to be renamed The Aspect, is located at 3101 Segreto Lane, Kissimmee, Fla. Built in 2010, the property has 432 units and is 96 percent occupied.

·         Arbor Village is located at 10825 Dorchester Road, Charleston, S.C. Built in 2014, the property has 240 units and is 93 percent occupied.

“As the unemployment rate continues to decrease nationwide, our focus continues to be on high-growth areas where we can provide exceptional value-add amenities and services to residents,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We’re looking forward to additional opportunities that will allow us to elevate the living experience for area residents while still providing homes at price points that they can afford.” 

American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast. The firm, whose property portfolio currently consists of approximately 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018. All of its newly acquired properties are upgraded and modernized, providing many of the amenities today’s renters desire most.

Boynton Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired High Ridge Landing, a new 184-unit multifamily property in Boynton Beach, Florida.

Along with Electra America, its debt and equity partner, American Landmark plans to close $1.5 billion in multifamily deals in 2018 throughout the Southeast. This is their third multifamily acquisition so far this year. In South Florida, they also own and operate Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.  

The financing for the deal was arranged by Berkadia's Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison, and Wes Moczul.

"We privately negotiated a very attractive price point for this well-located, Class A asset,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We have great confidence in central Palm Beach County’s growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton’s revitalization."

The firm will spend $500,000 on additional upgrades, including improvements to the upscale clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.

High Ridge Landing, built in 2017, is located at 3609 High Ridge Way in Boynton Beach. Units range from one to three bedrooms, featuring stainless steel appliances and granite countertops, walk-in closets, private balconies, detached garages, Wi-Fi access and various floor plans. Amenities available to residents consist of a yoga and spin studio, pool, auto charging stations, fitness center and business center.

Numerous dining, shopping and entertainment options are located close to the property. The property is convenient to transit routes such as Interstate 95 and the Tri-Rail.

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