TAMPA, Fla.--(BUSINESS WIRE)--Landmark Apartment Trust of America, Inc. (the “Company”) today announced it has acquired 13 apartment communities and seven joint venture ownership interests in apartment communities throughout the Southern U.S. for a total investment of approximately $443 million in the fourth quarter. Collectively, the communities contain 7,261 units and are 94 percent occupied. The Company’s total 2013 acquisition activity includes 50 communities containing 15,868 units, representing approximately $1.04 billion in transaction value.
The Company also acquired two additional communities containing 528 units in total in the fourth quarter on behalf of Timbercreek U.S. Multi-Residential Opportunity Fund #1 in conjunction with its investment partner Timbercreek Asset Management Inc. At closing the Company became property manager of the two communities, bringing the total number of properties it manages to 103 communities containing more than 32,000 units.
“This year marks one of the strongest in our operating history,” said Stanley J. Olander, chief executive officer of Landmark Apartment Trust of America. “Our success has been driven by the experience of our management team and our straightforward acquisition strategy that focuses on select Sunbelt metropolitan markets poised for sustained economic growth. We are pleased to end the year on a positive trajectory and remain focused on expanding our portfolio in 2014.”
“Since completing the recapitalization in late 2012, our goal was to add meaningful scale to the portfolio by prudently deploying capital to purchase apartment communities that provide stable cash flows in markets characterized by strong employment and demographic fundamentals,” said Joseph Lubeck, executive chairman of Landmark Apartment Trust of America. “In 2013, we have demonstrated an impressive track record of success and are well positioned to carry out our strategic initiatives in the future.”
A list of the twenty apartment communities the Company has acquired or agreed to acquire in the fourth quarter can be found below:
| Property Name | Location | # of Units | ||||||
| Landmark at Rosewood | Dallas, Texas | 232 | ||||||
| Landmark at Sutherland Park | Plano, Texas | 480 | ||||||
| Landmark at Collin Creek | Plano, Texas | 314 | ||||||
| Landmark at Lake Village North | Garland, Texas | 848 | ||||||
| Landmark at Lake Village East | Garland, Texas | 329 | ||||||
| Landmark at Lake Village West | Garland, Texas | 294 | ||||||
| Landmark at Laurel Heights | Mesquite, Texas | 286 | ||||||
| Landmark at Courtyard Villas | Mesquite, Texas | 256 | ||||||
| Landmark at Grayson Park | Tampa, Fla. | 408 | ||||||
| Landmark at Avery Place | Tampa, Fla. | 264 | ||||||
| The Fountains | Palm Beach Gardens, Fla. | 542 | ||||||
| Landmark at Woodland Trace | Casselberry, Fla. | 384 | ||||||
| Landmark at Maple Glen | Orange Park, Fla. | 358 | ||||||
| Landmark at Waverly Place | Melbourne, Fla. | 208 | ||||||
| Landmark at Deerfield Glen | Hoover, Ala. | 320 | ||||||
| Landmark at Lancaster Place | Calera, Ala. | 240 | ||||||
| Landmark at Bella Vista | Duluth, Ga. | 564 | ||||||
| Landmark at Grand Oasis | Suwanee, Ga. | 434 | ||||||
| Landmark at Coventry Pointe | Lawrenceville, Ga. | 250 | ||||||
| Landmark at Chesterfield | Charlotte, N.C. | 250 | ||||||
The two properties acquired on behalf of Timbercreek U.S. Multi-Residential Opportunity Fund #1 are as follows:
| Property Name | Location | # of Units | ||||||
| Landmark at Lake Ellenor | Orlando, Fla. | 296 | ||||||
| Landmark at Alexander Pointe | Orange Park, Fla. | 232 | ||||||
Landmark Apartment Trust of America currently owns a total of 69 properties located throughout Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas and Virginia.
About Landmark Apartment Trust of America, Inc.:
Landmark Apartment Trust of America, Inc. is a Tampa, FL-based real estate investment trust (REIT) that owns and operates more than 20,000 apartment units, and provides management services for an additional 12,000 units owned by affiliates, located throughout the Southern United States. The Company aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in targeted Southern markets, where the management team can apply its expertise to create a competitive advantage. For more information about Landmark Apartment Trust of America, Inc. please visit http://www.latapts.com/.