Source: Landmark Apartment Trust of America / #Apartments #Multifamily
TAMPA, FL - Landmark Apartment Trust of America, Inc. announced it has acquired 13 apartment communities and seven joint venture ownership interests in apartment communities throughout the Southern U.S. for a total investment of approximately $443 million in the fourth quarter. Collectively, the communities contain 7,261 units and are 94 percent occupied. The Company’s total 2013 acquisition activity includes 50 communities containing 15,868 units, representing approximately $1.04 billion in transaction value.
The Company also acquired two additional communities containing 528 units in total in the fourth quarter on behalf of Timbercreek U.S. Multi-Residential Opportunity Fund #1 in conjunction with its investment partner Timbercreek Asset Management Inc. At closing the Company became property manager of the two communities, bringing the total number of properties it manages to 103 communities containing more than 32,000 units.
“This year marks one of the strongest in our operating history,” said Stanley J. Olander, chief executive officer of Landmark Apartment Trust of America. “Our success has been driven by the experience of our management team and our straightforward acquisition strategy that focuses on select Sunbelt metropolitan markets poised for sustained economic growth. We are pleased to end the year on a positive trajectory and remain focused on expanding our portfolio in 2014.”
“Since completing the recapitalization in late 2012, our goal was to add meaningful scale to the portfolio by prudently deploying capital to purchase apartment communities that provide stable cash flows in markets characterized by strong employment and demographic fundamentals,” said Joseph Lubeck, executive chairman of Landmark Apartment Trust of America. “In 2013, we have demonstrated an impressive track record of success and are well positioned to carry out our strategic initiatives in the future.”
Landmark Apartment Trust of America currently owns a total of 69 properties located throughout Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas and Virginia.