Elco Landmark Apartment Trust Acquires Six Assets
Amelia Ridge, located in Cary, N.C. Texas & North Carolina —Elco Landmark Apartment Trust Holdings (doing business as Elco Landmark Residential ) has announced a series of transactions. Combined, the firm has added six properties (four in Texas, two in North Carolina ) to its portfolio. On Wednesday the company announced that it had partnered with DeBartolo Development and LEM Capital to acquire four garden- style assets located in San Antonio and Austin for approximately $44 million. Collectively, the Texas portfolio consists of 771 units that are 95 percent occupied. Elco plans to implement a renovation and repositioning program on the assets. “The acquisition of these assets is another example of our unique ability to source attractive investment opportunities in high- growth metropolitan markets located across the South,” says Joseph Lubeck, CEO of Landmark Residential . “We look forward to leveraging our redevelopment and repositioning expertise to improve the quality of e...