RALEIGH, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Sterling Town Center, a 339-unit multifamily community located in Raleigh. The asset will undergo approximately $1.523 million in property improvements.
American Landmark, and its debt and equity partner Electra America are selectively and decisively acquiring value-add properties in excellent locations across the Southeast. The firm, which has already acquired 16 properties this year worth over $800 million, expects to complete $1.5 billion in multifamily acquisitions in 2018. This is their eighth acquisition in North Carolina.
The firm plans to implement its standard enhancements to interiors and common areas with modern amenities including upgraded kitchen cabinets, hardware and granite countertops. Community enhancements include landscape beautification, new pool furniture, clubhouse upgrades, new fitness center equipment, and package locker systems.
“With major employers including Duke University and Health System and IBM, Raleigh’s below-average unemployment and continued population growth have allowed the metro to become one of the Southeast’s most prominent investment markets,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The decision to expand our portfolio in this important region was made simple, and we look forward to serving residents with renowned quality.”
Built in 2013, Sterling Town Center is located at 7880 Triangle Promenade Drive. One-, two, and three-bedroom units include spacious walk-in closets, tile backsplash, screened porches and private balconies, dishwasher and washer/dryer. Community amenities include barbecue area with grill, sundeck, picnic area, clubhouse and fitness center.
Situated five minutes away from Interstate 540, Sterling Town Center is found near employment hubs, shopping and recreational destinations. Triangle Town Center is five minutes away, North Ridge Country Club is ten minutes away, and Duke Raleigh Hospital is less than 15 minutes away.
American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, North Carolina, South Carolina and Texas.