Tampa Investor Acquires 2,284 Texas Apartment Units
The Lake Wyndemere apartments in The Woodlands are part of a large Texas portfolio purchased by a Florida-based multifamily firm.
HOUSTON – (Realty News Report) – American Landmark, a Tampa, Fla.-based multifamily owner-operator, has acquired a six-property apartment portfolio across major Texas metros. The acquisitions include communities in Houston, San Antonio, Austin and Irving, totaling 2,284 units.
With this purchase, American Landmark’s Texas holdings rise to 33 properties. The company now owns and manages roughly 25,000 apartment homes across the Southeast and Texas and has announced plans to add another $2 billion in properties to its multifamily portfolio this year.
“Texas continues to lead the nation in both employment and population growth, drawing newcomers with its lower cost of living and a strong base of major employers who need skilled labor,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We anticipated this trend early and will continue to selectively expand our holdings in this growing market.”
American Landmark intends to invest $14.7 million in capital improvements across the six communities. Planned upgrades include granite countertops, package locker systems, stainless-steel appliances, clubhouse renovations and pet-grooming stations, all intended to enhance both apartment interiors and on-site amenities.
The properties in the portfolio are:
· Hyde Park at Lake Wyndemere (Houston) — to be rebranded Artisan at Lake Wyndemere. Located at 2109 Sawdust Road in The Woodlands, this garden-style community was built in 2000, contains 320 units and was 96.8 percent occupied at closing.
· Hyde Park at Enclave (Houston) — to be rebranded Hayden at Enclave. Situated at 12951 Briar Forest Drive, the recently renovated community was built in 1999, comprises 476 units and was 95.1 percent occupied at closing.
· Manor at Castle Hills (San Antonio) — to be rebranded Alon at Castle Hills. Located at 1835 Lockhill Selma Road, this garden-style complex was built in 2000, includes 306 units and was 97.7 percent occupied at purchase.
· Hyde Park at Ribelin Ranch (Austin) — to be rebranded The Asten at Ribelin Ranch. Located at 9900 McNeil Drive, the garden-style community includes 350 units and was 96 percent occupied at purchase.
· Hyde Park at Wells Branch (Austin) — to be rebranded Beck at Wells Branch. Located at 2801 Wells Branch Parkway, this community was built in 1999, features 576 units and was 93 percent occupied at closing.
· Lakepointe at Las Colinas (Irving) — to be rebranded The Blvd. Located at 5353 W Las Colinas Boulevard, the luxury apartment community was built in 2012, contains 256 units and was 96.8 percent occupied at closing.
American Landmark’s portfolio now spans approximately 25,000 units across Florida, Georgia, North Carolina, South Carolina and Texas, reflecting the firm’s continued focus on growing its presence in high-demand Sun Belt markets.
