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 Landmark at West Place, a 342-unit garden style community located at 753 Sherwood Terrace Drive in Orlando, Fla. Constructed in 2002, the community is currently 94 percent occupied. The Company funded the acquisition through a 1031 exchange, utilizing a portion of proceeds from a previously announced disposition.
“This acquisition aligns with our strategy to selectively dispose of older assets and deploy capital to acquire newer, well located properties in our core markets,” said Stanley J. Olander, Chief Executive Officer of Landmark Apartment Trust. “This is an incredibly strong asset and we believe we can create incremental value for residents and our investors by leveraging our proven operating platform.”
Situated on approximately 23 acres of land and consisting of 11 three-story buildings, Landmark at West Place is located minutes from Interstate 4 and downtown Orlando’s shopping, dining and area attractions. The gated community features six unique designer floor plans containing one-, two- and three-bedroom apartments with attractive amenities such as spacious kitchens with custom cabinetry, full-size washer/dryer, window seats, garden tubs, ceramic tile, nine-foot ceilings, patios and balconies and walk-in closets. The community also features a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and executive business center.
Formerly known as Villa Tuscany, Landmark at West Place was named 2013 Community of the Year by the Apartment Association of Greater Orlando.
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 28,000 apartment units and provides management services for an additional 5,000 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/.