Arbor Terrace and Summerset will be renovated and rebranded
American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired two multifamily assets in the Atlanta suburbs as part of a four-property portfolio purchase totaling 1,212 apartment units.
Arbor Terrace, a 300-unit apartment community located in Douglasville, and Summerset, a 240-unit community located in Conyers, will both receive significant capital improvements and will be renamed “One Rocky Ridge” and “The Oxford,” respectively. The other two properties acquired in the portfolio are located in Kissimmee, Fla., and Charleston, S.C.
American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast. The firm, whose property portfolio currently consists of approximately 25,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018.
“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. These two Atlanta suburbs are a great fit for our portfolio as Atlanta continues to expand and mature into its role as a leading Southeast tech hub” 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.”
The four properties acquired in the portfolio are:
- Arbor Terrace, to be renamed One Rocky Ridge, is located at 1 Rocky Ridge Boulevard, Douglasville, GA. Built in 2003, the property has 300 apartments and is 95 percent occupied.
- Summerset, to be renamed The Oxford, is located at 50 Greenleaf Road, Conyers, GA. Built in 1999, the property has 240 apartments and is 96 percent occupied.
- Bella Apartments Homes, to be renamed The Aspect, is located at 3101 Segreto Lane, Kissimmee, Fla. Built in 2010, the property has 432 units and is 96 percent occupied.
- Arbor Village is located at 10825 Dorchester Road, Charleston, S.C. Built in 2014, the property has 240 units and is 93 percent occupied.
Both Arbor and Summerset will receive significant capital improvements to enhance both apartment interiors and community amenities, including kitchen and bathroom upgrades, enhanced hardwood flooring and fixtures, modernized pool and grill areas, and a fully renovated clubhouse and fitness center.
ABOUT AMERICAN LANDMARK
American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, North Carolina, South Carolina and Texas. The company is committed to delivering great service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members. For more information, visit https://www.alapts.com/.
