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American Landmark pays $105M for Plantation, Royal Palm Beach apartment complexes
The Tampa-based company has completed $1.4B in acquisitions so far this year
American Landmark just bought two apartment complexes, one in Royal Palm Beach and one in Plantation, for a combined $105 million.
The Tampa-based company purchased Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation for $62 million, records show. The deal marked one of the largest multifamily sales in Broward County this year. The property is 97 percent occupied and average rents are $1,517 per month, according to a release.
American Landmark acquired the property from an affiliate of Fairfield Residential for $212,328 per unit. It last sold for $43.2 million in 2015, records show.
American Landmark also bought Hidden Harbor Apartments, a 200-unit community at 222 Kingfisher Way in Royal Palm Beach for $43 million. The seller was also an affiliate of Fairfield Residential. The price equated to $215,000 per unit. Fairfield last paid $28.6 million for the property in 2015, records show.
The building is 94 percent occupied with an average rent of $1,425 per unit, according to the release. American Landmark plans to perform multimillion-dollar renovations on both properties, according to the release.
The sellers were represented by ARA Newmark.
American Landmark, along with equity partner Electra America, has been aggressively acquiring multifamily properties in the Southeast and Southwest. The company has completed 22 property acquisitions worth $1.4 billion so far this year, adding 9,242 apartment units to its portfolio. The company now owns and manages six apartment communities in South Florida.
Electra America is the American subsidiary of Israel’s Electra Real Estate, which is publicly traded on the Tel Aviv stock market.