Source: Landmark Apartment Trust of America / #Apartments #Multifamily
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 it has acquired two multifamily properties in two separate transactions for a combined purchase price of approximately $37 million. The properties, located in Greensboro, N.C. and Nashville, Tenn., collectively contain 600 units and are 95 percent occupied.
“Our entry into the Greensboro market and expansion in Nashville reflect a natural continuation of our strategy to bolster our presence in high growth markets in the Southern United States,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America. “We look forward to capitalizing on the favorable long-term economic and demographic fundamentals in both markets, and leveraging our proven operating platform to unlock additional value at the asset level.”
In the first transaction, the Company acquired Landmark at Battleground Park, a 240-unit apartment community located in Greensboro, N.C. Formerly known as Mission Battleground Park, the property is located at 3520 Drawbridge Parkway and was built in 1990.
In the second transaction, the Company acquired Landmark at Glenview Reserve, a 360-unit apartment community located in Nashville, Tenn. Formerly known as Mission Briley Parkway, the property is located at 100 Arbor Creek Boulevard and was built in 1985.
Amenities at each property include a fitness center, swimming pool and tennis court. Landmark at Glenview Reserve also features a hot tub, basketball court and volleyball court, while Landmark at Battleground Park boasts a community clubhouse and playground. LATA plans to enhance each property by implementing a comprehensive renovation program to update the apartment homes at each property.