JACKSONVILLE, FL – National residential real estate investment and management company Balfour Beatty Communities has successfully completed the acquisition of Landings at Lake Gray, a 300-unit apartment community located in Jacksonville, FL. The buy was completed in partnership with ApexOne Investment Partners.

Developed in 2005, Landings at Lake Gray offers one-, two- and three-bedroom layouts averaging 952 square feet and featuring designer cabinetry, plank flooring, plantation-style blinds and in-unit washer/dryer. Some floor plans also feature vaulted ceilings, granite counters and garages. The 14-acre property also offers lake views and extensive community amenities, including a resort-style pool, fitness center, clubhouse, outdoor kitchen and playground.

Located in desirable West Jacksonville, Landings at Lake Gray offers convenient and immediate access to Interstate 295 and major area employers including Naval Air Station Jacksonville, Orange Park Medical Center and General Dynamics.

“Landings at Lake Gray is located in a highly sought-after area of Northeast Florida and benefits from its close proximity to Jacksonville’s largest employment centers,” said Gen Bauer, senior vice president of Balfour Beatty Communities. “With our targeted renovation strategy and world-class management services, we are very excited about this property and its potential to serve area residents looking for quality and value.”

Renovation plans for Landings at Lake Gray are scheduled to commence immediately and will include additional improvements to landscaping and curb appeal, an upgraded amenity package, and interior renovations to further modernize kitchens, lighting and flooring.

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FRISCO, TX – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought Four Corners Apartments, a 390-unit garden style asset in Frisco, Texas. Completed in 2019, the community is considered a “best in class”” AAA quality asset.

The acquisition raises American Landmark’s portfolio count in Texas to 36 properties, with 17 properties in the Dallas metro area. The firm now owns and manages nearly 29,000 units throughout the Southeast and Texas and is over half way to its goal of adding  $2 billion in assets to its multifamily portfolio this year.

“The Dallas MSA continues showing signs of strong demand for the foreseeable future, most notably with its addition of more than 100,000 jobs over the past year and nearly 75,000 new residents during that same period,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “It’s a market we’ve come to know well that offers compelling opportunities that fit within our current investment strategy.”

Located at 1690 FM 423 Road, Four Corners is situated in northern Dallas. One-, two- and three-bedroom units include stainless steel appliances, wood-style flooring, dishwasher, disposal, granite countertops, French doors and a kitchen island. Community amenities include a resort-style swimming pool, resident clubhouse, business center with internet, dog park, and onsite management.

Four Corners is found near vital transit routes and employers. Dallas Parkway is 10 minutes away, offering direct access into the city’s central business district and its surrounding neighborhoods. Toyota Stadium – which hosts the FC Dallas soccer team – is less than 10 minutes away, and the University of Texas at Dallas is 25 minutes away.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States, with a current portfolio consisting of approximately 25,000 units in Florida, Georgia, North Carolina, South Carolina and Texas.

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BOYNTON BEACH, FL – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the sale of Avana Isles, a 214-unit Class A apartment community in the Boynton Beach / Delray Beach submarket of Palm Beach County, Florida, on behalf of on behalf of its real estate funds. The sale price was not told.

“We are very pleased with the outcome of this transaction,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “The price we were able to command reflects the significant value we manufactured over the hold period. It also demonstrates the effectiveness of our value-add strategy, which has proven to generate strong results in all market environments.”

Located at 7132 Colony Club Drive, Greystar bought Avana Isles in July 2015 and shortly after commenced a capital improvement plot to unlock embedded value and enhance the resident experience. All of the property’s common areas have been renovated along with the majority of its residential units, helping to drive rent growth. These improvements, together with Avana Isles’ quality location and South Florida’s strong fundamentals, made the property a highly attractive acquisition target.

As the nation’s largest apartment operator, Greystar currently manages over 10,617 units in the Miami-Ft. Lauderdale metro area, approximately 35,063 in Florida, and more than 500,000 units globally.

Newmark Knight Frank Multifamily Vice Chairmen Hampton Beebe and Avery Klann, along with Director Jonathan Senn, exclusively represented Greystar in the disposition to Southstar Capital Group.

Beebe added, “Avana Isles presented a unique opportunity to buy a rare 2000+ vintage garden-style asset with value-add upside, which is hard to find in Palm Beach County.”

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