RICHMOND, VA - Landmark Apartment Trust of America, Inc., a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, announced that in two separate transactions, it has acquired two multifamily properties located in Florida for a combined purchase price of approximately $53.2 million. Collectively, the properties contain 826 units and are 94 percent occupied.
In the first transaction, the Company acquired Landmark at Stafford Landing, a 522-unit apartment community located in Ocoee, Fla., a submarket of Orlando. Formerly called Vizcaya Lakes, the property is located at 1024 Vizcaya Lake Road and was built in 1997.
In the second transaction, the Company acquired Landmark at Avondale, a 304-unit apartment community located in St. Petersburg, Fla. Formerly called Avondale by the Lakes, the property is located at 5473 27th Street South and was built in 1973.
“We are pleased to build on our strong momentum of acquisition activity over the last month by expanding our presence in two core Florida markets,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America. “The combination of our ability to unlock unrealized cash flow from our portfolio and the strategic investment we recently received from Blackstone and iStar affiliates has us well positioned to capitalize on our robust pipeline of mid-income multifamily properties located throughout the Sunbelt.”
These two multifamily property additions to LATA’s portfolio follow an active month of acquisition activity. In July, the Company acquired an additional 11 multifamily properties throughout Florida, North Carolina, Texas and Tennessee containing a total of 3,586 units.
Landmark Apartment Trust of America, Inc. is a Richmond, Virginia-based real estate investment trust (REIT) that owns and operates more than 15,500 apartment units, and provides management services for an additional 15,000 units owned by affiliates, located throughout the Southern United States.
Source: Landmark Apartment Trust of America / #Apartments #Multifamily