DALLAS, TX - American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Emery Bay at Lakepointe, a 360-unit garden-style asset located in Lewisville, Texas, approximately 30 minutes north of Dallas. The company will conduct a $3.5 million renovation on the property.
American Landmark, and its equity partner Electra America, are selectively acquiring properties in excellent locations across the Southeast and Southwest. The company has completed 27 property acquisitions worth $1.8 billion since the beginning of 2018, adding over 10,000 apartment units to its multifamily portfolio.
“The Dallas-Fort Worth metro area is one of the hottest markets in the U.S., with job growth and population growth outpacing national trends, and a younger population bolstering labor force growth and demand for housing,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We’re pleased to add this beautiful property to our growing Texas multifamily portfolio.”
American Landmark will carry out approximately $3.5 million in capital improvements on the property, including upgrades to unit interiors and amenity enhancements. These include installing new appliances, plank flooring and washer/dryers in all units, and updating fixtures and installing USB ports. The firm will also upgrade the clubhouse and pool area, enhance landscaping, and install a new package delivery locker system.
Built in 1997, Emery Bay at Lakepointe is located at 901 Lakeside Circle and consists of one-, two- and three-bedroom apartments, with an average unit size of 942 square feet. Units have new granite countertops, new cabinets, 9- or 10-foot ceilings with two-inch blinds in select units, and wrap-around patios or balconies. Amenities include a clubhouse with business center and cyber café, fitness center with a yoga room, resort-style swimming pool with spa, volleyball court, bark park, and laundry facility. Additional storage, and private garages and reserved covered parking, is available.
In-place average effective rent at Emery Bay is $1,254 per unit, and the property is 94 percent occupied.
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States, with a current portfolio consists of approximately 23,000 units.