Richardson, Texas and Nashville: REIT Buys Apartment Projects

In Dallas, Landmark Apartment Trust of America, a multifamily real estate investment trust (REIT), purchased two multifamily properties in separate transactions for a combined purchase price of $33.5 million. In the first transaction, LATA purchased Landmark at Preston Wood, a 194-unit apartment project located at 333 Preston Wood Drive in Richardson, Texas, a suburb of Dallas. Formerly known as Mission Preston Wood, the property was built in 1979.

In the second transaction, LATA purchased Landmark at Lyncrest Reserve, a 260-unit apartment project located at 100 Belle Valley Drive in Nashville, Tenn. Formerly known as Mission Bellevue Ridge, the property was built in 1985.

In With the purchase of Landmark at Preston Wood, the Richmond, Va/, based REIT’s portfolio now boasts 14 apartment communities in the Dallas/Ft. Worth market. Landmark at Lyncrest Reserve marks LATA’s third purchase in Nashville since the Company first entered Tennessee in July 2013.