Elco Landmark Buys Multifamily Assets Totaling $100M from Equity Residential
- Dec 21, 2012
By Georgiana Mihaila, Associate Editor
Elco Landmark Residential recently closed on the acquisition of four multifamily properties in two separate transactions with Equity Residential for a combined price of approximately $100 million. The company is targeting the acquisition of apartment communities in what it sees as quality locations throughout the Southeast.
The first transaction consisted of three Jacksonville properties that make up for 882 units. According to the Jacksonville Business Journal, these properties called for a $72.5 million sale price. The three Jacksonville properties involved in the transaction are:
– The 248-unit Landmark at Sage Commons, formerly known as Waterford at Deerwood; the property was built in 1985;
– Landmark at Hampshire Place, formerly known as Royal Oaks, was constructed in 1991 and contains 284 units;
– Landmark at Crescent Ridge, formerly known as Bermuda Cove, was constructed in 1989 and contains 350 units.
Each community offers residents a number of amenities including a swimming pool, spa/hot tub, tennis courts, clubhouse, fitness center, business center and a car care center. Elco Landmark plans to implement a nine month renovation and repositioning program to enhance the properties’ common areas and amenities. The three properties are currently 94 percent occupied.
An Orlando multifamily property—the 252-unit Landmark at Siena Springs—was acquired in a separate transaction. This property is also headed for improvements, as the company plans on adding new signage and enhancing the interior of each unit over the next nine months.
“We are pleased to expand our existing portfolio with four high-quality properties that adhere to our disciplined investment strategy,” said Joseph Lubeck, CEO of Elco Landmark Residential. “Each asset is located in a core southeast market that is supported by strong fundamentals including above-average employment rates, population growth and limited new housing supply. These market dynamics combined with our proven repositioning strategy will allow us to achieve unrealized cash flow potential and value.”
Image: Landmark at Crescent Ridge via Elco Landmark Residential