TAMPA, Fla.--(BUSINESS WIRE)--Landmark Apartment Trust (the “Company”), a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, today announced the acquisition of Andros Isles, a 360-unit, newly-constructed apartment community located at 100 Acklins Circle in Daytona Beach, Fla. The property is currently 95 percent occupied.
“We are pleased to complete this acquisition and expand our presence in a fundamentally strong market,” Stanley J. Olander, chief executive officer of Landmark Apartment Trust. “Andros Isles is a contemporary, lifestyle driven property equipped with state of the art amenities and offers an unparalleled living experience in Daytona Beach. This asset is a strong addition to our portfolio and we remain focused on identifying similar investment opportunities across the South.”
Conveniently located in proximity to Interstate 4 and Interstate 95, Andros Isles is just minutes from the world famous Daytona Beach and International Speedway. Recently constructed in August 2012, the island-inspired gated community features one, two, and three-bedroom apartments with attractive amenities including nine-foot ceilings, private patios/balconies, fully-equipped gourmet kitchens, walk-in closets, in-home washers and dryers and iPod docking stations with surround sound. The property also features a resort-style swimming pool with a patio bar, poolside grills and WiFi and a clubhouse with a fitness center, business center and game room.
Landmark Apartment Trust also announced it has closed on the sale of Manchester Park, a 126-unit apartment community located in Arlington, Texas, for net proceeds of approximately $5.15 million. This disposition reflects the Company’s commitment to improving the quality of its portfolio by selling non-core assets with lesser long-term net operating income (NOI) growth potential.
About Landmark Apartment Trust:
Tampa, FL-based Landmark Apartment Trust (“LAT”) is a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States. The Company owns or has an ownership position in approximately 25,000 apartment units and provides management services for an additional 8,000 units owned by affiliates. LAT aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in targeted Southern markets, where the management team can apply its expertise to create a competitive advantage. For more information about LAT please visit http://www.latapts.com/.