Source: Landmark Apartment Trust of America / #Multifamily #Apartments
RICHMOND, VA - Landmark Apartment Trust of America, Inc. (LATA), a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, announced it has acquired three garden-style multifamily properties located in Charlotte, North Carolina for a combined purchase price of approximately $83 million. Collectively, the properties known as Mallard Creek, Abbington Place, and Ashley Court contain 795 units and are 93 percent occupied.
“The acquisition of these three high-quality properties significantly expands our operations in Charlotte and aligns with our disciplined investment strategy of acquiring attractive assets at a discount to replacement cost,” said Stanley J. Olander, chief executive officer of Landmark Apartment Trust of America. “We believe these assets offer strong unrealized cash flow potential that we plan to unlock by implementing our proven operating platform and renovation and repositioning strategy.”
Mallard Creek, located at 6001 Bennettsville Lane, was constructed in 1999 and contains 240 units. Abbington Place, located at 10015 Parthenon Court, was constructed in two phases between 2005 and 2008 and contains 279 units. Ashley Court, located at 9740 Ashley Lake Court and adjacent to Abbington Place, was constructed in two phases between 2009 and 2011 and contains 276 units. The three properties are situated in close proximity to downtown Charlotte and the University submarket, with convenient access to major interstate highways. Each property offers residents a number of desirable amenities including a swimming pool, clubhouse, fitness center, business center and picnic areas.
Landmark Apartment Trust of America, Inc. is a Richmond, Virginia-based real estate investment trust (REIT) that owns and operates over 11,000 apartment units located throughout the Southeastern United States.