RICHMOND, Va. -- Landmark Apartment Trust of America, Inc. (“the Company” or “LATA”) a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, today announced it has acquired eight multifamily properties in four separate transactions for a combined purchase price of approximately $169.3 million. Collectively, the properties contain 2,252 units, are 95 percent occupied and boast a number of attractive amenities. Details regarding the transactions can be found below.
“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, Chief Executive Officer 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.”
On June 28, the Company acquired two properties, totaling 574 units in North Carolina and Texas:
- Landmark at Monaco Gardens located at 9201 Glenwater Drive in Charlotte, N.C. The property was constructed in 1991 and contains 276 units
- Landmark at Barton Creek located at 1781 Spyglass Drive in Austin, TX. The property was constructed in 1980 and contains 298 units.
In the third transaction occurring July 1, the Company acquired four properties totaling 1,006 units located in North Carolina and Florida:
- Landmark at Stanford Reserve located at 1207 Kelston Place in Charlotte, N.C. The property was constructed in 1986 and contains 310 units.
- Landmark at Grand Terraces located at 6000 Regal Estates Lane in Charlotte, N.C. The property was constructed in 2001 and contains 240 units.
- Landmark at Courtyards on the River located at 8412 Rio Bravo Court in Tampa, Fla. The property was constructed in 1972 and contains 296 units.
- Landmark at Fountain Oaks located at 6870 103rd Street in Jacksonville, Fla. The property was constructed in 1987 and contains 160 units.
In the fourth transaction occurring July 3, the Company acquired two properties totaling 672 units located in North Carolina:
- Landmark at Caveness Farms located at 1760 Pasture Walk Drive in Wake Forest, N.C. The property was constructed in 1997 and contains 288 units.
- Landmark at Lexington on the Green located at 4803 New Hope Road in Raleigh, N.C. The property was constructed in 1973 and contains 384 units.
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.”
About Landmark Apartment Trust of America, Inc.:
Landmark Apartment Trust of America, Inc. is a Richmond, Virginia-based real estate investment trust (REIT) that owns and operates over 13,000 apartment units, and provides management services for an additional 15,500 units owned by affiliates, located throughout the Southern United States. The Company aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in targeted Southern markets, where the management team can apply its expertise to create a competitive advantage. For more information about Landmark Apartment Trust of America, Inc. please visit http://www.landmarkapartmenttrust.com/.
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