Dallas area: Florida-based firm pays $36.59M for 360 apartments

Emery Pay at Lakpointe

In Lewisville, Texas, Multifamily owner-operator American Landmark, based in Tampa, Fla., has purchased Emery Bay at Lakepointe, a 360-unit, garden-style apartment complex in Lewisville, Texas, some 30 minutes north of Dallas.

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group that provides services to the commercial real estate industry, secured financing for the purchase. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office, along with Senior Managing Director Robert Falese and Managing Director Matthew Cullison of Berkadia’s Philadelphia office, obtained the loan for American Landmark Apartments.

The purchaser and its equity partner, Electra America, are selectively acquiring properties in across the Southeast and Southwest. The company has obtained 27 assets worth $1.8 billion since the start of 2018, adding more than 10,000 apartment units to its multifamily portfolio.

“The Dallas-Fort Worth metro area is one of the hottest markets in the U.S., with job growth and population growth outpacing national trends, and a younger population bolstering labor force growth and demand for housing,” said Christine DeFilippis, chief investment officer of American Landmark.

In Built in 1997, Emery Bay at Lakepointe consists of one,, two- and three-bedroom apartments in 12 three-story buildings, with an average unit size of 942 sq ft. Average rent at Emery Bay is $1,254 per unit, and the property is 94% occupied.