DALLAS, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Emery Bay at Lakepointe, a 360-unit garden-style asset located in Lewisville, Texas, approximately 30 minutes north of Dallas. The company will conduct a $3.5 million renovation on the property.

American Landmark, and its equity partner Electra America, are selectively acquiring properties in brilliant locations across the Southeast and Southwest. The company has completed 27 property acquisitions worth $1.8 billion since the beginning of 2018, adding over 10,000 apartment units to its multifamily portfolio.

“The Dallas-Fort Worth metro area is one of the hottest markets in the U.S., with job growth and population growth outpacing national trends, and a younger population bolstering labor force growth and demand for housing,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We’re pleased to add this gorgeous property to our growing Texas multifamily portfolio.”

American Landmark will carry out approximately $3.5 million in capital improvements on the property, including upgrades to unit interiors and amenity enhancements. These include installing new appliances, plank flooring and washer/dryers in all units, and updating fixtures and installing USB ports. The firm will also upgrade the clubhouse and pool area, enhance landscaping, and install a new package delivery locker system.

Built in 1997, Emery Bay at Lakepointe is located at 901 Lakeside Circle and consists of one-, two- and three-bedroom apartments, with an average unit size of 942 square feet.  Units have new granite countertops, new cabinets, 9- or 10-foot ceilings with two-inch blinds in select units, and wrap-around patios or balconies. Amenities include a clubhouse with business center and cyber café, fitness center with a yoga room, resort-style swimming pool with spa, volleyball court, bark park, and laundry facility. Additional storage, and private garages and reserved covered parking, is available.

In-place average effective rent at Emery Bay is $1,254 per unit, and the property is 94 percent occupied. 

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States, with a current portfolio consists of approximately 23,000 units.

Powered by WPeMatico

KATY, TX – Olympus Property announced the successful acquisition of Echo at Katy Ranch, a Class-A garden style community built in 2013 and located outside of Houston in the thriving town of Katy, Texas. Effective immediately, the asset will be renamed Olympus Katy Ranch.  

2018 has been a productive year for Olympus. Olympus Katy Ranch is the 12th buy in 2018 with nearly 4,000 high quality apartment units added to the overall portfolio this year.  

“Olympus maintains a longer-term view of the markets. Olympus Katy Ranch is located in a booming submarket of Houston and offers attractive long-term value and upside for our investors and our firm,” said Chase Bennett, Director of Acquisitions at Olympus Property. 

Katy has emerged as one of Houston’s most well loved suburban areas based on its brilliant school district, award-winning residential neighborhoods, and access to numerous major employers within the Energy Corridor. Located only 10 miles from Olympus Katy Ranch, the Energy Corridor is the headquarters for numerous national and international energy corporations, healthcare companies,engineering firms, chemical corporations, and financial services companies. It is the third largest employment center in Houston with over 94,000 employees and 300 companies.

“Olympus Katy Ranch is an ideal addition to our portfolio in our home state of Texas. We believe our buy basis for the age and location of this property are ideal,” said Anthony Wonderly, Principal at Olympus Property. 

Olympus Katy Ranch is a luxury low-density community positioned across 14 acres, which offers a 2-tale design with direct access garages for 100 of its 260 units. Premier amenities include a resort-style pool with spa, six gas grills, fireside lounge, resident clubroom with TVs, billiards room, 24-hour fitness center with circuit and core training equipment, and a gated bark park. Unit features include gourmet bar kitchen with pendant lighting, granite countertops, brushed nickel plumbing, hardwood-style flooring, private balconies, garden bathtubs, walk-in closets, in-home washer and dryer, and detached garages.

Founded in 1992, Olympus Property owns and manages the most desirable multifamily opportunities across the United States and was recently named the 2nd best place to work in multifamily by The Multifamily Leadership Summit in 2019. Over a 26-year history, the firm has become a successful and recognized name in the multifamily industry with over 17,000 units owned and operated across ten states. 

Powered by WPeMatico

HOUSTON, TX – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Shepherd, a luxury apartment community in Houston’s flourishing Washington Corridor. 

The community celebrated the official grand opening event Nov. 29, which included food and beverage from local vendors, a prize raffle for residents and event swag bags. The six-tale community, which is surrounded by an abundance of world-class dining, shopping and nightlife options within Houston’s hippest neighborhoods, includes a combined 245 apartment homes and two-tale loft penthouses. Go-ins started in the summer.

“With Houston’s booming employment sector and the influx of new residents, the delivery of new apartment homes is timely,” said Jeb Cox, senior managing director of Houston and Austin for Mill Creek Residential. “We believe Modera Shepherd will provide one of the finest living experiences in the market, because it’s much more than a place to live. This community will cultivate an atmosphere that entices residents to frequent the amenity spaces and live a social lifestyle.” 

Located at 611 Shepherd Drive and within minutes of the downtown Central Business District, the community offers quick connectivity to Downtown Houston’s thriving employment sectors and cutting-edge neighborhoods, such as Houston Heights and River Oaks. The Galleria, located about six miles from Modera Shepherd, is an upscale retail destination that attracts upwards of 30 million visitors per year. The community also boasts prime access to several recreational outlets, including Memorial Park and Buffalo Bayou Hike and Bike Park.

Modera Shepherd residents have expedient access to Interstate 10, Memorial Drive and Allen Parkway, which connect to various landmarks and well loved destinations across the metropolitan area. The Central Business District is home to nine Fortune 500 companies and 50 million square feet of office space, and emerging Greenway Plaza is within four miles of the community. Oil jobs are making a comeback as well, which is driving more job growth to the city.

Modera Shepherd consists of studio, one- and two-bedroom homes with loft penthouse homes available. Apartment interiors offer elevated ceilings, granite countertops, wood plank-style flooring, stainless-steel appliances, front-loading washers and dryers and USB ports. Select homes include walk-in closets, separate dining areas, soaking tubs, pantries and private patios or balconies. 

Community amenities are highlighted by a club-quality fitness center with Peloton Bikes, Woodway Treadmills and Cross Fit Virtual Trainers. Modera Shepherd also includes a resort-style outdoor swimming pool, rooftop sky lounge overlooking downtown, outdoor barbecue area, conference center, business center, pet spa and open-air lounge with pool, ping-pong and shuffleboard. Residents also have access to controlled-access subterranean garage parking, bike storage with repair station, self-serve package lockers and refrigerated package lockers for perishable goods. 

Modera Shepherd is the fifth community that Mill Creek has developed in Houston. Others include Modera Flats and Astor Tanglewood.

Powered by WPeMatico