Elco Landmark Residential Acquires Two Multifamily Assets Located in North Carolina
- Properties Present Renovation and Repositioning Opportunity -
TAMPA, Fla.--(BUSINESS WIRE)-- Elco Landmark Apartment Trust Holdings, LLC d/b/a Elco Landmark Residential (the "Company"), a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, today announced that through its private partnership with Timbercreek Asset Management, it has acquired two garden-style multifamily properties located in Cary, North Carolina for a combined purchase price of approximately $56 million. Together, the properties contain 788 units and are 95 percent occupied.
"We continue to build our presence in North Carolina with the addition of these two quality assets," said Joseph Lubeck, Chief Executive Officer of Elco Landmark Residential. "Strategically located in proximity to downtown Raleigh and the Research Triangle Park, the area is supported by solid fundamentals. We plan to leverage the favorable market dynamics to our advantage as we complete our planned renovations."
Landmark at Eagle Landing, formerly known as Hidden Oaks, was constructed in two phases in 1986 and 1988, contains 444 units and is located at 100 Northwoods Village Drive. Landmark at Watercrest, formerly known as Woodbridge, was constructed in two phases in 1992 and 1995, contains 344 units and is located at 100 Appledown Drive. The properties are conveniently situated in proximity to Interstate 40 (I-40) and the Research Triangle Park.
Both properties offer residents a number of attractive amenities including a clubhouse, resort-style swimming pools, tennis courts, fitness center, sand volleyball court, dog park and picnic areas. Over the next 12 to 24 months, Elco Landmark Residential plans to upgrade the properties' interior and exterior to maximize cash flow potential. Planned upgrades include new signage, a remodeled clubhouse, the addition of a dog park, Wi-Fi & business center addition, new interior lighting, cabinet doors and hardware, and new flooring in the kitchen and baths.
About Elco Landmark Residential:
Elco Landmark Residential is a real estate investment firm that owns interests in and operates 59 multifamily properties containing 17,762 units located throughout the Southeastern United States. The company aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in the South, where the management team has proven expertise and a competitive advantage. Elco Landmark Residential is headquartered in Tampa, FL and is a member of The ELCO Holdings family of companies.
ICR for Elco Landmark Residential
Jason Chudoba, 646-277-1249
KEYWORDS: United States North America Florida North Carolina
The article Elco Landmark Residential Acquires Two Multifamily Assets Located in North Carolina originally appeared on Fool.com.
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