LEWISVILLE, Texas – Multifamily owner-operator American Landmark, headquartered in Tampa, Florida, has acquired Emery Bay at Lakepointe, a 360-unit garden-style apartment community in Lewisville, roughly 30 minutes north of downtown Dallas.
Berkadia, a commercial real estate services firm affiliated with Berkshire Hathaway and Jefferies Financial Group, arranged financing for the purchase. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins from Berkadia’s South Florida office, together with Senior Managing Director Robert Falese and Managing Director Matthew Cullison from Berkadia’s Philadelphia office, secured the loan for American Landmark Apartments.
The buyer and its equity partner, Electra America, are selectively expanding their holdings across the Southeast and Southwest. Since early 2018, the company has acquired 27 properties valued at approximately $1.8 billion, adding more than 10,000 apartment units to its multifamily portfolio.
“The Dallas–Fort Worth metro area remains one of the strongest markets in the United States,” said Christine DeFilippis, chief investment officer of American Landmark. “Job and population growth in the region continue to outpace national averages, and a younger demographic is supporting labor force expansion and sustained housing demand.”
Constructed in 1997, Emery Bay at Lakepointe comprises twelve three-story buildings with one-, two- and three-bedroom floor plans. The community’s average unit size is 942 square feet. Current average rent is $1,254 per unit, and the property is approximately 94% occupied.
Dec. 19, 2018 Realty News Report Copyright 2018