JACKSONVILLE, FL – American Landmark Apartments (“American Landmark”), one of the fastest-growing multifamily owner-operators in the country, and RSE Capital Partners (“RSE”) have acquired Eastport Apartments, a 440-unit multifamily asset in Jacksonville. The property will receive $4.9 million in capital improvements and be renamed Mezza. The property was 95 percent occupied at the time of sale.
The acquisition of Eastport Apartments marks the eleventh investment between the JV partners in over $550M of multifamily in the past two years and raises American Landmark’s Florida portfolio to 23 properties, with eight properties in Jacksonville. American Landmark currently owns and manages approximately 25,000 apartments throughout the Southeast and Texas and is adding another $2 billion in assets to its multifamily portfolio this year.
Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, along with Senior Managing Director Robert Falese and Senior Director Matthew Cullison of Berkadia’s Philadelphia office, arranged a Freddie Mac Green Up loan.
“Jacksonville’s significant population growth was a motivating factor in the acquisition of this asset,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The metro area’s 2 percent rise in population, coupled with a growing business sector, continues to make Jacksonville one of the more compelling markets to invest in, which is a trend we already identified in previous acquisitions.”
RSE and American Landmark plan to implement a variety of capital improvements throughout the property, including bringing all units to the same standard with subway tile backsplash, new cabinets, lower kitchen bar tops, granite countertops with new sinks, stainless steel appliances, updated plumbing and lighting, USB plugs, and framed mirrors. Common area upgrades will include pool repairs, a package locker system, new pool furniture, renovated clubhouse and fitness center, upgraded landscaping, and new signage.
Built in 2008, Eastport Apartments is located at 11701 Palm Lake Drive. One-, two- and three-bedroom units include dishwasher, disposal, range, walk-in closets and crown molding. Community amenities include a fitness center, spa, swimming pool, bike storage, tennis court, courtyard, grill and picnic area.
For more information, please visit www.alapts.com
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 25,000 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.
About RSE Capital Partners: RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in $3.5 billion of institutional multifamily assets and deployed over $320 million in 2018. For more information, please visit rsecap.com