DeBartoloLLC, in joint venture partnership with OPSEU Pension Trust and Elco Landmark Residential Holdings LLC and its affiliates, facilitated a $538 recapitalization of Apartment Trust of America Inc. DeBartolo Development invested cash and contributed several properties to the recapitalization.
As a result of the transaction, Apartment Trust of America Inc., aREIT that invests in and manages apartment communities, has been renamed Landmark Apartment Trust of America. It currently owns 36 properties totaling approximately 10,000 apartment units and valued at more than $1 billion.
“The joint venture partnership was a great opportunity for DeBartolo Development to increase our portfolio in the class-A multifamily sector, which continues to demonstrate the strongest growth in the commercial real estate recovery,” said DeBartolo President and COO Edward Kobel, in a statement. “We have a strong track record in the multifamily space and look forward to working with our partners to originate new opportunities for ATA and increasing value for shareholders.”
Landmark Apartment Trust’s board of directors has been expanded to nine members, from a previous five, and will now include Kobel.