PLANO, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Legends at Ridgeview Ranch, a 480-unit garden style asset located in Plano, Texas. The property will undergo approximately $3.675 million in capital improvements and is the firm’s third acquisition in the Dallas metro area. The community was over 96 percent occupied at the time of sale.
American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 22 property acquisitions worth $1.4 billion since the beginning of 2018, adding 9,242 apartment units to its portfolio.
American Landmark plans to implement an array of improvements throughout the property including granite countertops, tile backsplash, new cabinet faces and hardware, two-inch blinds, kitchen faucet upgrades, enhanced and expanded gym, package locker system, washer/dryer in all units, and keyless locks.
“The Dallas metro area economy continues to expand at a remarkable rate, with over 116,000 jobs added since August 2017,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Demand easily exceeds new supply coming online thanks to newly formed households and great job numbers.”
The Dallas-Plano-Irving metro area added 91,000 new jobs between August of 2017 and August of 2018, according to the Texas Bureau of Labor Statistics – a 3.6 percent increase year over year.
Built in 1999, Legends at Ridgeview Ranch is located at 2300 Kathryn Lane. One-, two-, and three-bedroom units offer ceiling fans, alarm, double vanities, fireplace, framed mirrors, dishwasher, stainless steel appliances, island kitchen, and range. Community amenities include two resort-style swimming pools with hot tubs and grilling stations, a 24-hour fitness center, yoga studio, basketball court, clubhouse, business center and dog park.
Situated in north Plano, the property is found near important transit routes and employment opportunities. Sam Rayburn Tollway is five minutes away, offering direct access to Downtown Dallas. The University of Texas at Dallas is approximately 20 minutes away, and South Central Expressway is about 10 minutes away, providing an additional route to the city of Garland.
About American Landmark: American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.