Elco Landmark Residential, a real estatefirm that owns and operates multifamily properties throughout the Southeastern United States, announced that its private label partnership with Timbercreek Asset Management acquired a portfolio of four multifamily properties from Colonial Properties Trust for approximately $95.4 million.
The assets are located in Texas, North Carolina and Virginia and total 1,380 units. Collectively, the portfolio is 95 percent occupied.
The portfolio purchase marks the first transaction completed under Elco Landmark and Timbercreek’s private label partnership, which is focused on acquiringassets located in the Southeastern United States at an advantageous price and significant discount to replacement cost.
“We are pleased to partner with Timbercreek to acquire four quality multifamily assets that offer considerable unrealized cash flow potential,” Elco CEO Joseph Lubeck said in a statement. “Elco Landmark has an impressive history of unlocking embedded value by implementing our proven renovation and repositioning strategy. We believe the Colonial portfolio is a primeopportunity as we continue to identify assets in high-growth Southeastern markets.”
The fourin the portfolio include:
• Colonial Village at Canyon Hills, a 229-unit property built in 1995 and located in Austin, Texas
• Colonial Village at Highland Hills, a 250-unit property built in 1987 and located in Chapel Hill, N.C.
• Heatherwood Apartment Homes, a 476-unit property completed in 1980 and located in Charlotte, N.C.; and
• Autumn Hill Apartments, a 425-unit property built in 1980 and located in Charlottesville, Va.
Elco Landmark plans to rebrand each property and implement a 10-month renovation and repositioning program to improve each property’s physical structure and aesthetics. Planned upgrades include new signage, remodeled clubhouses and model units, dog park additions, café additions, Wi-Fi and business center additions, new interior lighting packages, new cabinet doors and hardware, new vinyl flooring in kitchens and baths, and new appliances and carpeting.
The portfolio purchase comes shortly after Elco Landmark announced the acquisition of four properties from Equity Residential for approximately $100 million earlier this month.
In August, Elco Landmark completed a $536.5 million recapitalization transaction with Apartment Trust of America that consisted of the contribution of a portfolio of 21 apartment communities, valued at $485 million and containing approximately 6,100 apartment units.