TAMPA, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, and JV partner, RSE Capital Partners, one of the most active multifamily investors in the country, have bought a five-property multifamily portfolio with assets in Texas and Tennessee. The 1,848-unit portfolio includes apartment communities in the Dallas-Fort Worth market and the Nashville suburb of Hendersonville, Tennessee. American Landmark bought the portfolio for $246.77 million in a privately negotiated off-market transaction.

The acquisitions raise American Landmark’s portfolio to approximately 28,000 units throughout the Southeast and Texas, with the firm already halfway towards its goal of completing $2 billion in acquisitions by the end of this year. Recently, American Landmark and RSE bought Eastport Apartments, a 440-unit apartment community in Jacksonville, FL. This portfolio acquisition marks the JV’s sixteenth investment in over $800M of multifamily assets.

“The Southeast U.S. and Texas continue to show signs of strong population and labor growth, a deciding factor taken into account when acquiring these properties,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Dallas-Fort Worth market ranked second in the country in jobs added and Nashville is illustrating one of the lowest unemployment rates in the country, a trend that we look for in the markets where we invest.”

American Landmark and RSE plot to implement $17.9 million in capital improvements for community and apartment amenities. Improvements include adding stainless steel appliances, new cabinets, new lighting and plumbing fixtures, and USB plugs. Amenity improvements include installation of electronic locks, package locker systems, new pool furniture, as well as clubhouse and fitness center renovations.

The properties in the portfolio include:

Meadows of Bedford, a 490-unit asset to be renamed The Logan. Located at 1400 Sierra Springs Drive in Bedford, Texas, the community was built in 1985 and was 95 percent occupied at the time of sale.

Remington Hill, a 440-unit apartment community to be renamed Laurel Heights at Cityview. Situated at 5701 Overton Ridge Boulevard in Fort Worth, Texas, the property was built in 1986 and was 96 percent occupied at the time of sale.

Rock Ridge Apartments, a 226-unit multifamily community to be renamed Ranch Three O Five. Located at 305 Ranch Drive in Arlington, Texas, the asset was built in 2003 and was 96 percent occupied at the time of sale.

Summer Villas Apartments, a 460-unit multifamily community in Dallas to be renamed The Regent. Situated at 17717 Preston Road, the asset was built in 1984 and was 95 percent occupied at the time of sale.

Windsor Park Apartments, a 232-unit multifamily community in Hendersonville, Tennessee to be renamed The Hamilton. Located just outside of Nashville at 100 Windsor Park Lane, the property was built in 1985 and was 91 percent occupied at the time of sale.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States with a current portfolio consists of approximately 28,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. 

RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in $3.5 billion of institutional multifamily assets and deployed over $320 million in 2018. 

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BONITA SPRINGS, FL – Discovery Village At Naples has announced that the first pre-leasing opportunities for its state-of-the-art Active Independent Living community are now available. Early lessees will be named “Charter Members,” and will take advantage of specially discounted pricing, first-choice apartment home selection, and a host of member-only perks.  

The 175-apartment Independent Living community will offer one-, two-, and three-bedroom luxury residences, a stylish Grande Clubhouse featuring multiple indoor and al fresco dining options, a zero-entry resort-style pool with covered cabanas, an innovative FitCamp Fitness Center with personalized training, plus a host of other luxurious amenities promising to deliver the ultimate maintenance-free senior lifestyle in the heart of Naples.

“We are supremely excited to bring to Southwest Florida this cutting-edge community, which will blend innovative, state-of-the-art features with a host of exclusive lifestyle programs to make a personalized, resident-focused experience that caters to discerning, active seniors,” said Richard Hutchinson, CEO, Discovery Senior Living.

Other programs and amenities set to roll out at Discovery Village At Naples include a Discovery Silver Cinema Movie Theater, professional beauty salon and spa with barber shop and massage, and a revolutionary Flex-Choice spending program which affords residents the freedom to bundle personalized, a la carte services with their unique needs, lifestyle, and budget in mind.

Construction of Discovery Village At Naples’ Active Independent Living community represents a $60 million capital investment and will make over 170 jobs during the construction of the 198,000-square-foot community. Completion of construction is expected by summer 2020.  

Architectural Concepts, under the leadership of Bo Russ, designed the community, and Wegman Design Group principal, Lori Wegman, provided the creative and strategic interior design solutions.

The Henning Group is the general building construction management firm in charge of construction, with Key Bank the construction financing partner.

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NEW YORK, NY – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of The Retreat at Newark located near the University of Delaware.  With this latest transaction, Vesper’s student housing portfolio now spans 21 markets in 13 states.

Built in 2014, The Retreat at Newark is a 597-bed apartment community that caters to students enrolled at the University of Delaware.  The Property’s unit mix consists of 1, 2, 4, and 5-bedroom floor plans – all with bed-to-bath parity. The Retreat is the only property in the market that contains cottage style units.

The apartments feature large fully-equipped kitchens, washers and dryers, balconies, cable television, and high-speed internet. The Retreat at Newark’s residents delight in a full range of amenities including a basketball court, clubhouse, fitness center, tanning beds, golf simulator, outdoor grilling, pool, hot tub, computer lounge, and location on the UD shuttle route.

Vesper bought The Retreat at Newark for $48 million in a transaction brokered by TSB Realty. Vesper is plotting to invest $1 million in upfront capital improvements. Property enhancements will include a renovation of the amenities, as well as extensive improvements to the property’s exteriors and substantial technology upgrades throughout the complex.

“Our acquisition of The Retreat at Newark is part of a strategy to buy well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Principal of Vesper Holdings. “We are pleased to expand our portfolio into Delaware and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 9th largest in the United States.  Vesper’s portfolio, including The Retreat at Newark, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS).

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