Elco Landmark Residential and Timbercreek Asset Management Joint Venture Acquires Multifamily Portfolio from Colonial Properties Trust

TAMPA, Fla.--()--Today Elco Landmark Residential, a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, announced that its private label partnership with Timbercreek Asset Management acquired a portfolio of four multifamily properties (the “Portfolio”) from Colonial Properties Trust (NYSE: CLP) for approximately $95.4 million. The assets are located in Texas, North Carolina and Virginia and total 1,380 units. Collectively, the Portfolio is 95 percent occupied.

“We are pleased to partner with Timbercreek to acquire four quality multifamily assets that offer considerable unrealized cash flow potential”

The Portfolio purchase marks the first transaction completed under Elco Landmark and Timbercreek’s private label partnership, which is focused on acquiring multifamily assets located in the Southeastern United States at an advantageous price and significant discount to replacement cost.

“We are pleased to partner with Timbercreek to acquire four quality multifamily assets that offer considerable unrealized cash flow potential,” said Joseph Lubeck, CEO of Elco Landmark Residential. “Elco Landmark has an impressive history of unlocking embedded value by implementing our proven renovation and repositioning strategy. We believe the Colonial portfolio is a prime investment opportunity as we continue to identify assets in high-growth Southeastern markets.”

The four properties in the Portfolio include:

  • Colonial Village at Canyon Hills, a 229-unit property built in 1995 and located in Austin, TX;
  • Colonial Village at Highland Hills, a 250-unit property built in 1987 and located in Chapel Hill, NC; Heatherwood Apartment Homes, a 476-unit property completed in 1980 and located in Charlotte, NC; and
  • Autumn Hill Apartments, a 425-unit property built in 1980 and located in Charlottesville, VA.

Elco Landmark plans to rebrand each property and implement a 10 month renovation and repositioning program to improve each property’s physical structure and aesthetics. Planned upgrades include new signage, remodeled clubhouses and model units, dog park additions, café additions, Wi-Fi and business center additions, new interior lighting packages, new cabinet doors and hardware, new vinyl flooring in kitchens and baths, and new appliances and carpeting.

The Portfolio purchase comes shortly after Elco Landmark announced the acquisition of four properties from Equity Residential (NYSE: EQR) for approximately $100 million earlier this month. In August, Elco Landmark completed a $536.5 million recapitalization transaction with Apartment Trust of America that consisted of the contribution of a portfolio of 21 apartment communities, valued at $485 million and containing approximately 6,100 apartment units. In conjunction with the transaction, Apartment Trust of America changed its name to Landmark Apartment Trust of America, where Elco Landmark’s Joseph Lubeck currently serves as Executive Chairman.

About Elco Landmark Residential:

Elco Landmark Residential is a real estate investment firm that owns interests in and operates 49 multifamily properties containing 15,175 units located throughout the Southeastern 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 the South, where the management team has proven expertise and a competitive advantage. Elco Landmark Residential is headquartered in Tampa, FL and is a member of The ELCO Holdings family of companies. For additional information please visit the company website at http://www.landmarkresidential.com/index.asp.

About Timbercreek Asset Management:

Timbercreek is a specialized investment manager focused on real estate and other alternative asset classes. Timbercreek has a value oriented investment philosophy with an active management style, and specializes in providing conservatively managed, risk adverse investment opportunities. Timbercreek currently manages approximately $3 billion in assets through its various private and public funds, predominately focused on the real estate sector.


ICR for Elco Landmark Residential
Jason Chudoba, 646-277-1249