RICHMOND, VA - Landmark Apartment Trust of America, a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, announced it has acquired three multifamily properties located in Texas and Tennessee for a combined purchase price of approximately $98.9 million. Collectively, the properties contain 1,334 units and are 94 percent occupied.
“We continue to invest in multifamily properties located in Southern U.S. markets we believe will benefit from our proven repositioning program and sophisticated operating platform,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America. “With this transaction, we are expanding our presence in Dallas, which remains an attractive market given that the Texas economy is outpacing most of the nation. We are also pleased to be entering Tennessee where we’ve identified strong market fundamentals and an opportunity to grow our portfolio.”
The properties LATA has acquired in this transaction are:
Landmark at Prescott Woods, located at 2915 Aftonshire Way, Austin, Texas. The property was built in 1986 and contains 364 units.
Landmark at Gleneagles, located at 4909 Haverwood Lane in Dallas, Texas. The property was built in two phases, in 1986 and 1996 respectively, and contains 590 units.
Landmark at Wynton Pointe, located at 1000 Enclave Circle in Nashville, Tenn. The property was built in 1989 and contains 380 units.
This acquisition comes shortly after the Company announced July 8 it acquired eight multifamily properties in Texas, North Carolina and Florida totaling 2,252 units. Landmark Apartment Trust of America’s portfolio now contains more than 14,000 apartment units and an additional 15,500 units owned by affiliates.
Landmark Apartment Trust of America, Inc. is a Richmond, Virginia-based real estate investment trust (REIT) that owns and operates more than 14,000 apartment units, and provides management services for an additional 15,500 units owned by affiliates, located throughout the Southern United States.