CHARLOTTE, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Madison Square at Northlake, a 287-unit garden-style asset in Charlotte, North Carolina. Located in the Wedgewood neighborhood about 15 minutes north of downtown Charlotte, the Class A asset marks the firm’s seventh acquisition in the area. Madison Square at Northlake was 97 percent occupied at the time of acquisition.
American Landmark, and its equity partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 26 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.
“North Carolina’s growth continues to remain an attractive investment factor for us to consider, particularly new investments within Charlotte in the tech and innovation sectors,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “From Lending Tree’s expected delivery of new jobs stemming from its expansion in Mecklenburg County, to the Charlotte and Triangle region’s upcoming Cleantech Commercialization Corridor platform for regional startups, the area is realizing a diverse labor market that will sustain apartment demand.”
American Landmark will carry out approximately $2.3 million in capital improvements throughout the property. Unit enhancements will include granite countertops within kitchens and bathrooms, USB outlets, and curved shower rods. Community enhancements will offer plank flooring throughout all common area levels and an expanded fitness center.
Built in 2013, Madison Square at Northlake is located at 10015 Madison Square Place. One-, two-, and three-bedroom units feature hardwood floors, crown molding, vaulted ceilings, walk-in closets, window coverings, dishwasher and disposal. Community amenities include a fitness center, swimming pool, bike storage, and media center/movie theater.
About American Landmark: 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. Our current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.