American Landmark and its debt and equity partner Electra America have purchased a 1,212-unit multifamily portfolio for $1.5bn. The properties are located in Florida, Georgia and South Carolina. The package includes the 300-unit Arbor Terrace in Douglasville, Georgia, the 240-unit Summerset in Conyers, Georgia, the 432-unit Bella Apartments Homes in Kissimmee, Florida, and the 240-unit Arbor Village in Charleston, South Carolina. American Landmark, which has a property portfolio of approximately 23,000 apartments in five states, expects to complete the acquisition later this year.
“As the unemployment rate continues to decrease nationwide, our focus continues to be on high-growth areas where we can provide exceptional value-add amenities and services to residents,” said Christine DeFilippis, chief investment officer at American Landmark. “We’re looking forward to additional opportunities that will allow us to elevate the living experience for area residents while still providing homes at price points that they can afford.”
