Landmark Apartment Trust of America Buys 8 New Multifamily Properties Worth US$169.3 Million

By IVCPOST Staff Reporter

Jul 09, 2013 04:43 AM EDT

Landmark Apartment Trust of America, Inc. has acquired eight new multifamily properties with a US$169.3 million combined purchase price. These new properties were obtained through separate transactions from June 28 to July 3. In all, the new properties included 2,252 units, with 95% occupancy and several attractive amenities.

The company bought two properties in North Carolina and Texas on June 28. These are Landmarks at Monaco Gardens and Barton Creek. On July 1, it acquired four properties in North Carolina and Florida, namely, Landmarks at Stanford Reserve, Grand Terraces, Courtyards on the River, and Fountain Oaks. Finally, the firm obtained two properties in North Carolina, namely, Landmarks at Caveness Farms and Lexington on the Green.

Regarding the new acquisitions, Chief Executive Officer of the RETI Stanley J. Olander said, "We plan to leverage our deep local market knowledge and our proven redevelopment capabilities to create incremental value at each property."

Landmark Apartment Trust of America was a multifamily real estate investment trust (REIT), owning assets in select metropolitan areas across the Southern United States.

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