American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has added 692 units to its portfolio with the acquisitions of The Knolls Apartments and The Crossings Apartments, two multifamily communities in Marietta, Georgia. The properties will be renamed The Everette at East Cobb and The Franklin at East Cobb, respectively, and will undergo an $8 million capital improvements program.
The acquisitions elevate the firm’s Georgia portfolio to nine properties and their national portfolio to 92 properties.
“Metro Atlanta’s resilient workforce and accelerating in-migration maintained robust apartment demand that sustained the market all through last year,” said Christine DeFilippis, Chief Investment Officer of American Landmark Apartments. “As leasing activity kept pace with deliveries and rising payrolls continue to strengthen fundamentals, the Greater Atlanta area will maintain its status as a Sunbelt market with clear opportunity for multifamily investment.”
American Landmark Apartments will implement an extensive capital improvements program at each property that includes undermount sinks, brushed nickel plumbing fixtures, tile backsplash, custom cabinets, luxury lighting fixtures, smart locks, NEST thermostats, custom closet systems, USB outlets and bathroom upgrades. Community enhancements will include a renovated clubhouse, fitness center, pool area and landscape beautification.
Built in 1983, the 312-unit Knolls Apartments is located at 1675 Roswell Road. One-, two- and three-bedroom units include hardwood floors, walk-in closets, granite countertops and stainless-steel appliances. Community amenities feature a bark park, cardio fitness center, entertainment café with Wi-Fi, swimming pool and two lighted tennis courts.
Built in 1986, the 380-unit Crossings Apartments is located at 875 Franklin Road. One-, two- and three-bedroom units include hardwood floors, window coverings, extra storage space and a private patio/balcony. Community amenities feature a business center, clubhouse, BBQ/picnic area, fitness center, playground, pet park, sundeck and swimming pool.
For more information, please visit www.alapts.com.
About American Landmark
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 34,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.
