Multifamily investment firm expands its holdings in North Carolina, Florida, Texas, and Georgia with $850 million in acquisitions
Tampa, Fla. (January 3, 2018) – Electra America/American Landmark, one of the fastest-growing multifamily owner-operators in the U.S., added over 6,000 new apartments to its multifamily portfolio during 2017, for a total investment of $850 million. The company’s portfolio now includes more than 23,000 apartment units totaling over $3.5 billion in value.
The company acquired 18 multifamily communities – primarily garden-style, value-add properties in high job-growth regions in the southeastern U.S. – comprising 6,312 apartments in 2017. At the same time, the company sold approximately $250 million in assets in non-core markets.
“We’ve achieved our goal of growing our multifamily portfolio significantly, and largely off market, in 2017 with some of the most attractive multifamily communities in metros where apartment demand is the highest,” said Joe Lubeck, CEO of Electra America/American Landmark. “Despite an increasingly competitive multifamily environment, our strong network, stellar reputation, and strong financial track record has given us a great advantage. With this foundation, in 2018 we will grow our multifamily platform even further in order to deliver outstanding living environments for our residents and attractive, risk-adjusted returns for our investors.”
American Landmark acquisitions in 2017 are listed below according to geography.
Georgia (Atlanta Metro Area)
• The Parke at Oakley, a 240-unit apartment community in Fairburn, Ga.
• Belle Vista, a 312-unit apartment community in Lithonia, Ga.
• Marbella Place, a 368-unit apartment community in Stockbridge, Ga.
• Parc at 1695, a 252-unit apartment complex in Norcross, Ga.
• Parc Shores, a 520-unit apartment community in Duluth, Ga.
North Carolina (Charlotte and Raleigh)
• Grand Reserve at Pavilion, a 408-unit apartment community in Charlotte, NC.
• Level at 401, a 300-unit apartment community in Raleigh, NC.
North Florida (Tampa, Orlando and Jacksonville)
• Landings at Lake Gray, a 300-unit apartment complex in Jacksonville, Fla.
• Vue at Baymeadows, a 352-unit apartment complex in Jacksonville, Fla.
• Palm Trace, a 160-unit apartment complex in Jacksonville, Fla.
• Northgreen at Carrollwood, a 438-unit multifamily community in Tampa, Fla.
• The Parkland at Orange Park, a 358-unit community in Orange Park, Fla.
• Reserve at Lake Irene 384-unit apartment community in Orlando, Fla.
• The Avenue, a 522-unit apartment community located in Orlando, Fla.
• The Avana, a 264-unit apartment community located in Tampa, Fla.
Lago Paradiso, a 424-unit apartment community in Miami, Fla.
• Pecan Springs, a 344-unit apartment community in San Antonio, Texas.
• Firewheel, a 366-unit apartment community located in San Antonio, Texas.
ABOUT AMERICAN LANDMARK
American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, North Carolina, and Texas. The company is committed to delivering great service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members. For more information, visit https://www.alapts.com/.