RICHMOND, Va.--(EON: Enhanced Online News)--Landmark Apartment Trust of America, Inc., (“the Company” or “LATA”) a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, today announced it has acquired two multifamily properties in two separate transactions for a combined purchase price of approximately $33.5 million. The properties, located in Dallas and Nashville, Tenn., collectively contain 454 units and are 94 percent occupied.
“Furthermore, we have strong knowledge of and experience in both markets that provides us with a competitive advantage and will help us achieve economies of scale through operational efficiencies.”
“Our continued expansion in Dallas and Nashville adhere with our strategy to grow our portfolio in core Southern markets that boast attractive economic and demographic fundamentals,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust of America. “Furthermore, we have strong knowledge of and experience in both markets that provides us with a competitive advantage and will help us achieve economies of scale through operational efficiencies.”
In the first transaction, LATA acquired Landmark at Preston Wood, a 194-unit apartment community located at 333 Preston Wood Drive in Richardson, Texas, a suburb of Dallas. Formerly known as Mission Preston Wood, the property was built in 1979 and features a fitness center, pool/spa, playground and picnic area with BBQ grills.
In the second transaction, LATA acquired Landmark at Lyncrest Reserve, a 260-unit apartment community located at 100 Belle Valley Drive in Nashville, Tenn. Formerly known as Mission Bellevue Ridge, the property was built in 1985 and features a business center, fitness center, swimming pool, playground, and tennis court.
With the acquisition of Landmark at Preston Wood, LATA’s portfolio now boasts 14 apartment communities in the Dallas/Ft. Worth market. Landmark at Lyncrest Reserve marks LATA’s third acquisition in Nashville since the Company first entered Tennessee in July 2013.
About Landmark Apartment Trust of America, Inc.:
Landmark Apartment Trust of America, Inc. is a Richmond, Virginia-based real estate investment trust (REIT) that owns and operates more than 16,928 apartment units, and provides management services for an additional 13,667 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.landmarkapartmenttrust.com/.