July 1, 2019
American Landmark broadened its presence in the Lone Star State, partnering with RSE Capital Partners to acquire a five-asset multifamily portfolio. Four of the properties are in the Dallas-Fort Worth area; the fifth is Windsor Park Apartments in Henderson, TN. The Tampa FL buyer paid $246.8 million in an off-market transaction with Starwood Capital Group, and is planning an additional $17.9 million in capital improvements.
The North Texas properties are:
- The 490-unit Meadows of Bedford, 1400 Sierra Springs Dr., Bedford; renamed The Logan. Occupancy is 95%
- The 440-unit Remington Hill, 5701 Overton Ridge Blvd., Fort Worth; renamed Laurel Heights at Cityview. Occupancy is 96%
- The 226-unit Rock Ridge Apartments, 305 Ranch Dr., Arlington; renamed Ranch Three O Five. Occupancy is 96%
- The 460-unit Summer Villas Apartments, 17717 Preston Rd.; renamed The Regent. Occupancy is 95%
“The Dallas-Fort Worth market ranked second in the country in jobs added, and Nashville is illustrating one of the lowest unemployment rates in the country, a trend that we look for in the markets where we invest,” said American Landmark’s Christine DeFilippis.
It’s time to register for this year’s Connect Texas Multifamily Conference on Aug. 15! For information and to register, click here.
For comments, questions or concerns, please contact Amy Sorter