American Landmark buys $311m Texas portfolio
American Landmark Apartments has acquired a six-property multifamily portfolio in Texas for $311 million, totaling 2,284 apartment units.
“Texas is a national leader in both employment and population growth, continuously attracting new residents with its low cost of living and major employers who seek a skilled labor force,” said Christine DeFilippis, CIO of American Landmark. “We recognized this at the start of the trend, and we look forward to continue selectively acquiring assets in this growing market.”
The portfolio consists of the 350-unit Hyde Park at Ribelin Ranch in Austin, the 576-unit Hyde Park at Wells Branch in Austin, the 320-unit Hyde Park at Lake Wyndemere in Houston, the 476-unit Hyde Park at Enclave in Houston, the 256-unit Lakepointe at Las Colinas in Irving and the 306-unit Manor at Castle Hills in San Antonio.
American Landmark Apartments will be spending $14.7 million on renovations and the assets will be renamed.