American Landmark Apartments/Electra America acquires an impressive multi-family real estate portfolio of 12 properties in North Carolina and Virginia
American Landmark , along with their investor partner Electra America of Palm Beach, FL, has acquired 12 multi-family residential communities.
June 22, 2016, Tampa, FL – American Landmark Apartments, along with their investor partner Electra America of Palm Beach, FL, has acquired 12 multi-family residential communities to add to their rapidly expanding portfolio. This brings the number of properties under ownership and management to 66, with 19,822 total apartment homes. The properties are:
• Southpark Commons, Charlotte, NC, 232 homes
• Madison Southpark, Charlotte, NC, 250 homes
• The Brook, Charlotte, NC, 162 homes
• Bridges at Mallard Creek, Charlotte, NC, 184 homes
• Elan at Mallard Creek, Charlotte, NC, 288 homes
• Sailpointe at Lake Norman, Cornelius, NC, 290 homes
• Paces Point, Matthews, NC, 336 homes
• Woodlyn on the Green, Cary, NC, 462 homes
• Regency Park, Raleigh, NC, 200 homes
• Central on the Green, Raleigh, NC, 200 homes
• The Parke at Trinity, Raleigh, NC, 380 homes
• Millspring Commons, Richmond, VA, 159 homes
The properties will benefit from multi-million dollar makeovers, providing upgraded living environments including new kitchens and baths, fixtures, lighting and flooring.
“This is an important step in growing our portfolio in the best locations in North Carolina and Virginia,” said Joe Lubeck, CEO of Electra America and a partner in REM. “We are excited to begin work on the fantastic improvements we have planned, and we look forward to giving our residents first class homes, amenities and service.”
Berkadia Commercial Mortgage, LLC, arranged for attractive financing through Freddie Mac.