Radius Winter Park and Ashford at Feather Sound have a combined 624 units
ORLANDO (October 1, 2020) – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, is expanding its footprint in Central Florida. The company has acquired the 336-unit Radius Winter Park, located in Casselberry, Fla., along with the 288-unit Ashford at Feather Sound, located in Clearwater, Fla. for an undisclosed price in a privately negotiated transaction. The properties will be renamed Oynx Winter Park and Fairways at Feather Sound, respectively.
This acquisition brings American Landmark’s portfolio up to approximately 34,000 apartment units across the Southeastern U.S. It owns and operates six multifamily communities in the Tampa metro area and eight in the Orlando metro area.
“These are two fabulously located, presently underperforming assets in two of the strongest job markets in Florida,” said Christine DeFilippis, chief investment officer at American Landmark. “Tampa’s economy and rental market has proven resilient throughout the pandemic, and while Orlando’s job market was temporarily up-ended by the closure of theme parks and entertainment venues, jobs are starting to return and apartment demand will likely be shored up by an increasingly diversified economy which is driving apartment demand, as well as in-migration from other parts of the country.”
American Landmark will make significant upgrades to both properties immediately to meet its portfolio-wide standards. Upgrades to units include granite countertops, new cabinets, tile backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. Community enhancements and upgrades will include new pool furniture, a renovated fitness center/clubhouse, new pool furniture, landscape enhancements and more.
Radius at Winter Park is located at 100 Reflections Circle in Casselberry and consists of 16 two- and three-story buildings on a 33-acre site. The community offers one- and two-bedroom floor plans ranging from 468 to 998 square feet. Current community amenities include a fitness center, resort-style pool, pool deck, clubhouse, grilling and picnic areas, internet café, dog park, 24-hour laundry facility, package lockers, playground and pet spa. Radius at Winter Park is located at the convergence of the Winter Park, Maitland and Casselberry submarkets, approximately 25 minutes northeast of downtown Orlando.
Ashford at Feather Sound is located at 13621 Feather Sound Circle East in Clearwater, and consists of 21 two-story buildings and a clubhouse on 21.6 acres.
The property offers one- and two-bedroom units ranging from 608 to 1,067 square feet.
Current amenities include a 24-hour fitness center, a heated swimming pool, a hot tub, pool deck, renovated clubhouse, grilling and picnic areas, business center, dog park, two lakes and a tennis court.
Located on the southern edge of Clearwater, Ashford at Feather Sound is located in a major employment corridor in Tampa Bay, with close proximity to St. Pete-Clearwater International Airport, the Carillon Office Park and the Raymond James Financial Global HQ (one of the largest employers in Tampa Bay). The property is also within easy access of I-275, providing a direct route to the downtowns of St. Petersburg and Tampa, as well as a brief 20-minute drive to the Clearwater and St. Petersburg beaches.
About American Landmark
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 33,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.