HOUSTON, TX - American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired the 234-unit Newport on the Lake and 250-unit Harbor View Apartments in Houston. The properties will undergo a combined $5.9 million capital improvements program and be renamed Lakefront Villas and The JaXon, respectively.
The acquisitions raise American Landmark’s portfolio of properties in Texas to 38, with 14 properties in Houston. The company currently owns and manages approximately 31,000 apartments throughout the Southeast and Texas, and continues to approach its goal of adding $2 billion in assets to its multifamily portfolio this year.
“Houston continues to offer long-term opportunities as in-migration maintains strong demand throughout the MSA, naturally elevating asking rents in the process,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With a steady increase in population, housing will remain a priority for residents settling in, with current online stock providing immediate options as developers seek to bring units to market as quickly as possible.”
Built in 2008, Newport on the Lake is located at 1895 Barker Cypress Road. One-, two- and three-bedroom units include granite countertops, kitchen islands, wood-style flooring and walk-in closets. Community amenities include resort-style pool with heated spa, outdoor fire pit, poolside gas grill and resident clubhouse with Wi-Fi.
Built in 2010, Harbor View is situated at 4855 Magnolia Cove Drive in the Houston suburb of Kingwood. One-, two- and three-bedroom units offer granite countertops, disposal, crown molding, walk-in closets and washer/dryer. Community amenities include package service, a fitness center, game room, walking/biking trails, courtyard and business center.
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 31,000 units in Florida, Georgia, North Carolina, South Carolina and Texas.