American Landmark Acquires 448-Unit Multifamily Community in Boca Raton, Florida

American Landmark Acquires 448-Unit Multifamily Community in Boca Raton, Florida

BOCA RATON, FL - American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, Florida. Purchased from a joint venture between Mill Creek Residential and AIG, the property will receive $6.2 million worth of capital improvements and be renamed Cielo Boca. The property was 96 percent occupied at the time of sale.

The acquisition raises American Landmark’s Florida portfolio to 22 properties, with seven properties throughout South Florida. The company currently owns and manages approximately 26,000 apartments throughout the Southeast and Texas, and is adding another $2 billion in assets to its multifamily portfolio this year.

“This is a great asset in a thriving multifamily market,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “Boca Raton’s quality of life and high-paying jobs at corporate headquarters have attracted many out-of-state residents. High-quality apartment communities like this one are in high demand. South Florida alone had the seventh-highest total employment growth year over year, which makes the region much more compelling for residents and investors alike.”

American Landmark plans to implement a variety of capital improvements throughout the property, including glass backsplash, new cabinets, updated lighting and USB ports. Community area upgrades include improved landscaping, parking lot repairs and new pool furniture.

Located at 10235 Boca Entrada Boulevard, Cielo Boca was built between 1986 and 1988 and offers one-, two- and three-bedroom units. Unit amenities include walk-in closets, wood vinyl flooring, balcony, and range. Community amenities include a car care station, swimming pool, playground and tennis court.

Situated across the Sandalfoot Cove neighborhood of Boca Raton, the community is conveniently located near important transit corridors and employment centers. US-441 is less than five minutes away and the Florida Turnpike is less than 10 minutes away, offering convenient access to West Palm Beach and Miami. Florida Atlantic University is under 20 minutes away.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, 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. 

Source: American Landmark / #Apartments #Multifamily

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