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 Southeastern United States, today announced that in two separate transactions it acquired The Reserve at River Walk, a 220-unit multifamily community located in Columbia, South Carolina, and Victoria Park, a 380-unit multifamily community located in Charlotte, North Carolina, for a combined purchase price of approximately $36 million. Collectively, the communities are 95 percent occupied and boast a number of desirable amenities.
“We are confident our proven operating platform and renovation and repositioning strategy will maximize the potential of each asset, unlocking unrealized cash flow opportunities.”
“The addition of these assets to our portfolio aligns with our disciplined investment strategy of acquiring assets in high-growth Southeastern markets at a discount to replacement cost,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America. “We are confident our proven operating platform and renovation and repositioning strategy will maximize the potential of each asset, unlocking unrealized cash flow opportunities.”
The Reserve at River Walk, located at 4501 Bentley Drive in Columbia, South Carolina, was acquired for approximately $15 million. The property is conveniently situated in proximity to a number of shopping and medical centers and public parks. Furthermore, the community features attractive amenities such as a swimming pool, tennis court, fitness center, car wash area and picnic area.
Victoria Park, located at 4616 Stoney Race Drive in Charlotte, North Carolina was acquired for approximately $21 million. The property is located a short distance from downtown Charlotte, providing easy access to major employers and Charlotte’s key attractions including Uptown’s fine dining and shopping. The community includes amenities such as indoor and outdoor swimming pools, multi-sports court, 24-hour clothes care center, playground, picnic area and Wi-Fi café.
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. The company aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in the South, where the management team has proven expertise and a competitive advantage.