Friday, January 17, 2014

Florida investor buys more than 3,000 Dallas-area apartments

The Courtyard Villas at 2200 North Belt Line Road in Mesquite were included in the Dallas-area purchases. (Landmark Apartment Trust)
A Florida-based apartment investor has purchased eight Dallas-area rental communities.

Landmark Apartment Trust of America Inc. acquired more than 3,000 Dallas-area rental units in purchases closed in the fourth quarter. The acquisitions included apartments in Dallas, Plano, Garland and Mesquite.

The largest of the purchases were the 848-unit Lake Village North on Interstate 30 in Garland, the 480-unit Sutherland Park apartments on West Park Boulevard in Plano and the 329-unit Lake Village East apartments on Marvin Loving Drive in Garland.

“This year marks one of the strongest in our operating history,” Stanley J. Olander, CEO of Landmark Apartment Trust of America, said in a statement. “Our success has been driven by the experience of our management team and our straightforward acquisition strategy that focuses on select Sunbelt metropolitan markets poised for sustained economic growth.”

Landmark Apartment Trust of America has 69 apartment communities located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas and Virginia.