American Landmark Apartments Acquires Oakley Park Apartment Community
This is the company’s third Atlanta-area multifamily acquisition of 2017
ATLANTA (March 31, 2017) – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the Southeastern U.S., has announced its third Atlanta-area acquisition in 2017: Oakley Park, a 240-unit apartment community located in Fairburn, Ga. It will be renovated and rebranded as “The Parke at Oakley.”
During the first quarter of 2017, American Landmark Aparments acquired two other Atlanta-area properties, Marbella Place in Stockbridge and Bella Vista in Lithonia. It has plans to acquire two more multifamily communities in the Atlanta metro area in the months ahead, bringing Atlanta holdings to over 2,500 apartments.
American Landmark Apartments national portfolio consists of over 23,000 apartments totaling over $2.5 billion in value.
“There is strong demand from renters for garden-style apartments in suburban Atlanta,” said Joe Lubeck, CEO of American Landmark Apartments. “The Parke at Oakley offers residents the kind of space, comfort and amenities that they would not be able to afford elsewhere. We look forward to expanding our presence throughout Atlanta and announcing additional acquisitions later this year.”
The Parke at Oakley features one-, two- and three-bedroom units in three-story garden-style buildings, with average monthly rents of approximately $900. The community is designed to accommodate any lifestyle with its five-star amenities, including a resort-style swimming pool, clubhouse, business center, fitness center, and dog park.
Located at 5474 Oakley Industrial Blvd., the community is set on the edge of Atlanta’s cityscape and close to dining, entertainment and shopping destinations. The property is currently 94% occupied.
As part of its value-add initiative, American Landmark Apartments plans to implement improvements to the community’s interior and exterior by adding granite countertops, upgraded appliances, plank flooring in common areas, and amenity upgrades.
For more information on The Parke at Oakley acquisition or American Landmark Apartments, please visit alapts.com
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ABOUT AMERICAN LANDMARK APARTMENTS
American Landmark Apartments is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia. 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 www.alapts.com