American Landmark Apartments/Elco Management acquires two multi-family properties, bringing total units in portfolio to over 17,000
Crescent Ridge in Jacksonville, FL, and The Gallery in Katy, TX, are now among the assets of this rapidly growing multi-family property owner/manager.
Tampa, FL March, 2016 - American Landmark Apartments/Elco Management (REM) announces the purchase of two apartment communities, bringing their total number of communities under ownership and management to 59, with 17,650 total units. The new communities are:
- The Gallery at Katy, in Katy, Texas, with a total of 314 units. It is located at 1007 S. Madison Road. Katy is in the greater Houston area.
- Crescent Ridge, located at 2001 Hodges Blvd., in Jacksonville, FL. It has a total of 350 units.
Both properties will be fully renovated and upgraded with highly desirable amenities including upgraded kitchen appliances, modern cabinetry, resort-style pools, modern clubhouses with free Wi-Fi and bark parks for pets.
Joe Lubeck, Managing Partner of American Landmark Apartments/Elco Management, said, "Our Company is growing quickly because we are trying to meet consumer's needs. There has been a surge in demand for apartment homes in the past two years and we are helping people find the homes they want. The national vacancy rate was very low last year, only 4.2%, and individuals and families are clamoring for upscale residences that offer them an instant lifestyle upgrade."
As reported by real estate brokerage firm, Marcus & Millichamp, in their Multi-family Investment Forecast, "Demographic trends will underpin solid operations as millennials entering the workforce and forming households and older adults downsizing from owner-occupied housing combine to form the leading edge of new demand."*
"We have been in this business a long time and we know what keeps residents happy and vacancy rates low," said Mr. Lubeck. "We have staff at our sites who provide excellent customer service to our residents. Our homes are beautiful and well maintained. They are conveniently located close to shopping, schools and highways. The Gallery at Katy and Crescent Ridge are fantastic additions, and we are delighted they are part of the REM portfolio."
For more information, visit www.alapts.com.