Tampa, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Waters Edge, a 216-unit multifamily community in Tampa. The asset will be renamed WestEnd at 76Ten and will include over $1.5 million in property improvements. The property was 96 percent occupied at time of acquisition.
American Landmark, and its debt and equity partner Electra America, are aggressively acquiring value-add properties in distinguished locations across the Southeast. The firm, which already acquired three properties this year, expects to complete $1.5 billion in multifamily acquisitions in 2018.This is their fourth acquisition in the Tampa metropolitan area.
The firm plans to renovate unit interiors with modern amenities, including plank flooring, resurfaced counters, contemporary cabinet faces and hardware, kitchen, bathroom and dining room lighting upgrades, and USB ports. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, high-end pool furniture and cabanas, a package locker system, and community signage.
“With accelerated hiring taking place in the Tampa-St. Petersburg area throughout the year, Waters Edge is a compelling investment opportunity near considerable employment hubs and attractions, while still allowing us to offer affordability to our residents,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “As Channelside Bay Plaza’s next phase is scheduled for completion later this year, and the Westshore business district seeing continued growth, the area’s healthy employment will lead to sustained leasing activity.”
Built in 1985, Waters Edge is located at 7610 West Waters Avenue in the Town ‘N’ Country neighborhood of Tampa, featuring studios, one-, and two-bedroom units. Community amenities include an updated business center, fitness center, clubhouse with kitchen, sparkling swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility, and car care center.
The asset is located near important transit routes and employers. Veterans Expressway and West Hillsborough Avenue are about five minutes away, offering convenient access throughout the Tampa Bay area. Tampa International Airport, one of the region’s most significant economic engines, is less than 15 minutes away from the community, and the Channel District and Ybor City are approximately 20 minutes away.
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/.