Elco Landmark Residential Acquires Four Properties from Equity Residential
- Company to Enhance Assets Through Strategic Repositioning Program -
TAMPA, Fla.--(BUSINESS WIRE)--
Elco
Landmark Residential (the “Company”), a real estate investment firm
that owns and operates multifamily properties throughout the
Southeastern United States, today announced the acquisition of four
multifamily properties totaling 1,134 units in two separate transactions
with Equity
Residential (NYSE: EQR) for a combined purchase price of
approximately $100 million.
“We are pleased to expand our existing portfolio with four high-quality
properties that adhere to our disciplined investment strategy,” said
Joseph Lubeck, chief executive officer of Elco Landmark Residential.
“Each asset is located in a core southeast market that is supported by
strong fundamentals including above average employment rates, population
growth and limited new housing supply. These market dynamics combined
with our proven repositioning strategy will allow us to achieve
unrealized cash flow potential and value.”
In the first transaction, the Company acquired a portfolio of three
properties located in Jacksonville, Florida containing a total of 882
units. Landmark at Sage Commons, formerly known as Waterford at
Deerwood, was constructed in 1985 and contains 248 units. Landmark at
Hampshire Place, formerly known as Royal Oaks, was constructed in 1991
and contains 284 units. Landmark at Crescent Ridge, formerly known as
Bermuda Cove, was constructed in 1989 and contains 350 units. The three
properties are currently 94 percent occupied. Each community offers
residents a number of amenities including a swimming pool, spa/hot tub,
tennis courts, clubhouse, fitness center, business center and a car care
center. Elco Landmark plans to implement a nine month renovation and
repositioning program to enhance the properties’ common areas and
amenities.
In a separate transaction, the Company acquired Landmark at Siena
Springs, a 252-unit apartment community in Orlando, Florida that is 92
percent occupied. The property, formally known as Lexington Park, was
built in 1988 and is situated approximately five miles north of
Universal Studios, Island of Adventure, and City Walk. Landmark at Siena
Springs features seven swimming pools, lakefront picnic and barbecue
grilling areas, a fitness center, tennis courts, a children’s
playground, a clubhouse, laundry facilities and a car care center. The
Company plans to improve the property by adding new signage and
enhancing the interior of each unit over the next nine months.
The purchase of these four properties aligns with Elco Landmark’s
strategy of acquiring apartment communities in quality locations
throughout the Southeast at advantageous pricing and significant
discount to replacement cost. In addition, the four properties offer
opportunities to create value through focused management or
repositioning strategies, including rebranding and structural upgrades
to unlock hidden value and unrealized cash flow.
Elco Landmark’s Lubeck also serves as executive chairman of Landmark
Apartment Trust of America. In early August, Apartment Trust of America
completed a $536.5 million recapitalization with Elco Landmark that
included the contribution of a portfolio of 21 apartment communities,
valued at $485 million and containing approximately 6,100 apartment
units, in exchange for $187 million of partnership interests in
Apartment Trust of America’s operation partnership, $16 million in cash
and the assumption of $282 million in debt on the properties. In
conjunction with the transaction, Apartment Trust of changed its name to
Landmark Apartment Trust of America.
About Elco Landmark Residential:
Elco Landmark Residential is a real estate investment firm that owns
interests in and operates 45 multifamily properties containing 13,795
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.
ICR for Elco Landmark Residential Jason Chudoba, 646-277-1249 Jason.chudoba@icrinc.com
Press Release $EQR Equity Residential
- Company to Enhance Assets Through Strategic Repositioning Program -
TAMPA, Fla.--(BUSINESS WIRE)-- Elco Landmark Residential (the “Company”), a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, today announced the acquisition of four multifamily properties totaling 1,134 units in two separate transactions with Equity Residential (NYSE: EQR) for a combined purchase price of approximately $100 million.
“We are pleased to expand our existing portfolio with four high-quality properties that adhere to our disciplined investment strategy,” said Joseph Lubeck, chief executive officer of Elco Landmark Residential. “Each asset is located in a core southeast market that is supported by strong fundamentals including above average employment rates, population growth and limited new housing supply. These market dynamics combined with our proven repositioning strategy will allow us to achieve unrealized cash flow potential and value.”
In the first transaction, the Company acquired a portfolio of three properties located in Jacksonville, Florida containing a total of 882 units. Landmark at Sage Commons, formerly known as Waterford at Deerwood, was constructed in 1985 and contains 248 units. Landmark at Hampshire Place, formerly known as Royal Oaks, was constructed in 1991 and contains 284 units. Landmark at Crescent Ridge, formerly known as Bermuda Cove, was constructed in 1989 and contains 350 units. The three properties are currently 94 percent occupied. Each community offers residents a number of amenities including a swimming pool, spa/hot tub, tennis courts, clubhouse, fitness center, business center and a car care center. Elco Landmark plans to implement a nine month renovation and repositioning program to enhance the properties’ common areas and amenities.
In a separate transaction, the Company acquired Landmark at Siena Springs, a 252-unit apartment community in Orlando, Florida that is 92 percent occupied. The property, formally known as Lexington Park, was built in 1988 and is situated approximately five miles north of Universal Studios, Island of Adventure, and City Walk. Landmark at Siena Springs features seven swimming pools, lakefront picnic and barbecue grilling areas, a fitness center, tennis courts, a children’s playground, a clubhouse, laundry facilities and a car care center. The Company plans to improve the property by adding new signage and enhancing the interior of each unit over the next nine months.
The purchase of these four properties aligns with Elco Landmark’s strategy of acquiring apartment communities in quality locations throughout the Southeast at advantageous pricing and significant discount to replacement cost. In addition, the four properties offer opportunities to create value through focused management or repositioning strategies, including rebranding and structural upgrades to unlock hidden value and unrealized cash flow.
Elco Landmark’s Lubeck also serves as executive chairman of Landmark Apartment Trust of America. In early August, Apartment Trust of America completed a $536.5 million recapitalization with Elco Landmark that included the contribution of a portfolio of 21 apartment communities, valued at $485 million and containing approximately 6,100 apartment units, in exchange for $187 million of partnership interests in Apartment Trust of America’s operation partnership, $16 million in cash and the assumption of $282 million in debt on the properties. In conjunction with the transaction, Apartment Trust of changed its name to Landmark Apartment Trust of America.
About Elco Landmark Residential:
Elco Landmark Residential is a real estate investment firm that owns interests in and operates 45 multifamily properties containing 13,795 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.
ICR for Elco Landmark Residential
Jason Chudoba, 646-277-1249
Jason.chudoba@icrinc.com
Source: Elco Landmark Residential