CHARLOTTE, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired The Oaks, a 318-unit garden-style community located in Charlotte. Situated just 15 minutes north of the downtown in the West Sugar Creek area, the asset marks the firm’s sixth acquisition in the Charlotte market. The property was 94 percent occupied at the time of the sale.
American Landmark, and its partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 25 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.
Charlotte’s strong long-term job and population growth has made it a focus of continued strategic investment for the company.
“Charlotte is one of the fastest-growing metro areas in the United States, and added almost 200,000 jobs over the past five years,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We anticipate the demand for apartments to outpace supply for many years to come.”
American Landmark will invest approximately $2.3 million into interior and exterior upgrades to the property. Unit enhancements will include stainless steel appliances, new kitchen cabinets and granite countertops, tile blacksplashes and new brushed chrome faucets, smart thermostats, two-inch blinds, USB plugs, Bluetooth speaker lighting fixtures, under-the-cabinet lighting systems, and plank flooring to carpeted upper floor units. Enhancements to the overall community will include adding a pet grooming station, a package locker system, new landscaping, and enhancements to the clubhouse.
Built in 1996, The Oaks consists of one- and two-bedroom apartments in three-story garden-style buildings. Average unit size is around 833 square feet, and all units feature washer/dryer machines. Attached garages are available and fireplaces are in select units. Community amenities feature a large swimming pool with travertine deck, clubhouse with cyber café, bocce ball court, fitness center, car care center, and dog park.
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States, with a current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas.