Tampa M-F Property Part of $170M Landmark Apartment Trust Purchase
- Jul 19, 2013
Richmond, Va.-based Landmark Apartment Trust of America has gone on a buying spree. A Tampa property was among its most recent acquisitions.
Following a series of four separate transactions—with a combined price of approximately $169.3 million—Landmark added a total of 2,252 apartment units to its growing portfolio. Combined, the eight properties are currently 95 percent occupied.
“These strategic acquisitions directly align with our focus of purchasing apartment communities in quality locations throughout the Sunbelt region at advantageous pricing and significant discount to replacement cost,” said Stanley J. Olander, CEO of Landmark Apartment Trust of America. “We plan to leverage our deep local market knowledge and our proven redevelopment capabilities to create incremental value at each property.”
The third transaction in this list of recent acquisitions closed July 1, and consisted of four properties totaling 1,006 units. Two of the properties are located in Charlotte, N.C., one in Jacksonville, Fla., while the fourth is located at 8412 Rio Bravo Court in Tampa, Fla.
The 296-unit Landmark at Courtyards on the River in Tampa, Fla. is a gated community with controlled access, built in 1972. One-, two- and three-bedroom units are equipped with frost-free refrigerators, gourmet kitchens and large walk-in closets. The property also lists 24-hour emergency maintenance, clothes care center, fitness center, tennis court and swimming pool as community privileges.
Joseph Lubeck, executive chairman of Landmark Apartment Trust, added, “These acquisitions presented an attractive opportunity to grow our portfolio in markets where we already have a strong presence and considerable insight. Our dedicated and experienced team has a strong track record of unlocking asset value in these markets, and this provides us with a significant competitive advantage.”