Landmark Pays $21M for 380-unit Victoria Park
- May 17, 2013
By Eliza Theiss, Associate Editor
Richmond, Va.-based Landmark Apartment Trust of America Inc. has announced two acquisitions in the Carolinas totaling 600 units. The transactions, worth a combined $36 million, include the 380-unit Victoria Park in North Carolina’s booming Charlotte metropolitan area and the 220-unit Reserve at River Walk in Columbia, S.C. Featuring an array of attractive amenities, the two apartment complexes have a combined occupancy rate of 95 percent.
“The addition of these assets to our portfolio aligns with our disciplined investment strategy of acquiring assets in high-growth Southeastern markets at a discount to replacement cost,” declared Stanley J. Olander, chief executive officer of Landmark. “We are confident our proven operating platform strategy will maximize the potential of each asset, unlocking unrealized cash flow opportunities.” Oleander also predicted value-add renovation work will be undertaken at both properties.
Victoria Park’s 4616 Stoney Trace Dr. address locates it within the town of Mint Hill with swift access to Charlotte’s major employment and entertainment opportunities, while at the same time offering the peaceful atmosphere of suburbia. The community boasts several resort-style amenities such as both indoor and outdoor swimming pools, a multi-sports court, picnic area, playground and lush landscaping. Other community privileges include a fitness center, 24-hour clothes care center, Wi-Fi café, onsite business center and resident activities program.
Apartment amenities include walk-in closets, a gourmet kitchen, dishwasher and private balcony, with larger units boasting wood-burning fireplaces. Victoria Park is comprised of one-, two- and three-bedroom units ranging from 645 to 1,306 square feet. Rents start at $505 and go up to $950 per month.
Victoria Park’s individual purchase price was $21 million.
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Photo credits: Victoria Park’s Facebook page