American Landmark Apartments/Electra America acquires two multi-family communities in Jacksonville, Florida
The Reserve at Mandarin and Palms at Beacon Pointe bring the company’s total number of communities to 54.
June 7, 2016, Tampa, FL – American Landmark Apartments, along with their investment partner Electra America of Palm Beach, FL, has acquired two multi-family residential communities to add to their growing portfolio. This brings the number of properties under ownership and management to 54, with 16,679 total apartment homes. The properties are:
- The Reserve at Mandarin, 4803 Sunbeam Rd., 520 homes
- Palms at Beacon Pointe, 1251 Beacon Point Drive, 159 homes
Built in 1983 and 1986 respectively, the properties will benefit from the multi-million dollar makeovers currently under way.
Features at The Reserve at Mandarin will include a luxuriously renovated clubhouse, two newly expanded, state of the art fitness centers, a Yoga studio, newly updated Bark Park with agility equipment, tennis court and playground.
Palms at Beacon Pointe will benefit from similar upgrades. The property also boasts an 18-acre lake with fountain, a lakeside gazebo and a Barbecue Pavilion with gas grills for entertaining.
Both properties will receive upgrades to interiors including designer cabinetry with brushed nickel pulls, updated appliance packages, upgraded plumbing and lighting fixtures, full size washer & dryer units, cozy fireplaces and spacious walk-in closets.
“We are thrilled to add these two properties to our portfolio,” said Kristi King, COO of American Landmark Apartments. “There are only about 70,000 apartment units in Jacksonville’s five counties. That’s a fairly low number of units for a market with 1.3 million people. There’s a high demand for apartment rentals, especially the quality of homes that has become our trademark.”
For more information, visit www.alapts.com.