Richmond, VA-based Landmark Apartment Trust of America expanded its portfolio with the acquisition of three southeast multifamily assets from a partnership consisting of Elco Holdings, MB Equity Holdings, and Legacy Partners Commercial for a combination of cash and operating partnership units valued at approximately $14.9 million.
Landmark at Ocean Breeze totals 141,484 square feet and houses 224 units at 1245 Pam Bay Rd. in Melbourne, FL.
Landmark at Savoy Square totals 210,834 square feet and houses 182 units at 2065 N. Highland Ave. in Clearwater, FL.
Landmark at Grand Arbor Reserve totals 268,742 square feet and houses 297 units at 2419 Wycliff Rd. in Raleigh, NC.
With the acquisition, Landmark Apartment Trust procured over 700 units at a combined occupancy rate of 94 percent. The three properties have a combined value of $42 million.
"We have worked incredibly hard over the past year to expand our portfolio in core Southern U.S. markets that boast favorable long-term economic and demographic fundamentals and this transaction is prime example of our unique ability to leverage strategic relationships to help accomplish our growth objectives," said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America.
Please see CoStar Comp #2820510 for additional information on the transaction.