TAMPA, FL - Elco Landmark Apartment Trust Holdings, LLC d/b/a Elco Landmark Residential, a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, today announced that it partnered with DeBartolo Development, LLC, one of the nation’s largest privately held real estate development companies, and LEM Capital, a real estate fund manager, to acquire four garden-style multifamily properties located in San Antonio and the Austin submarket of Round Rock for a combined purchase price of approximately $44 million. Collectively, the portfolio consists of 771 units and is 95 percent occupied.
A breakdown of the portfolio can be found below:
Landmark at Atrium Commons, formerly known as Huebner Country, is located at 8727 Huebner Road in San Antonio, TX. The property was constructed in 1983 and contains 256 units.
Landmark at Stratton Park, formerly known as Hampton North, is located at 12324 Starcrest Drive in San Antonio, TX. The property was constructed in 1985 and contains 127 units.
Landmark at Amelia Ridge, formerly known as The Gables of Round Rock, is located at 1500 Lawnmont Drive in Round Rock, TX. The property was constructed in 1985 and contains 188 units.
Landmark at Auburn Manor, formerly known as Vista Ridge, is located at 1200 South Mays Street in Round Rock, TX. The property was constructed in 1984 and contains 200 units.
“The acquisition of these assets is another example of our unique ability to source attractive investment opportunities in high-growth metropolitan markets located across the South,” said Joseph Lubeck, Chief Executive Officer of Elco Landmark Residential. “We look forward to leveraging our redevelopment and repositioning expertise to improve the quality of each asset, creating an enhanced living environment for tenants while allowing us to capture unrealized cash flow potential.”
The aforementioned communities offer residents a number of attractive amenities including a clubhouse, swimming pool, spa/hot tub, tennis courts, picnic areas, fitness center and laundry facility. Elco Landmark Residential plans to implement its proven renovation and repositioning program to enhance the properties’ physical structure and aesthetics to unlock embedded value and cash flow opportunities.
Elco Landmark Residential is a real estate investment firm that owns interests in and operates 59 multifamily properties containing 17,762 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. Elco Landmark Residential is headquartered in Tampa, FL and is a member of The ELCO Holdings family of companies.