Apartment Choice

RICHMOND, Va.--( BUSINESS WIRE )-- Landmark Apartment Trust , Inc. (“Landmark” or the “Company”), a multifamily real estate investment trust with assets located in select metropolitan areas throughout the Southern United States , announced today that it has entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which it will be acquired by Monument Partners, L.L.C. (“Monument”), an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) (“Milestone”), in an all- cash transaction valued at approximately $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company. Pursuant to the terms of the Merger Agreement, Monument will acquire all of the outstanding common stock of Landmark and all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings, LP, for $8.17 per share or...

GREENWICH, CONN. — Monument Partners LLC , an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), has entered into an agreement to acquire Landmark Apartment Trust Inc. in an all- cash transaction valued at $1.9 billion, including the assumption of existing debt. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust ’s ownership interest in 19,615 units in 63 apartment communities . The portfolio is located in eight Sunbelt states, with major concentrations in Dallas, Atlanta, Orlando, Tampa, Charlotte and Nashville. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio. “This acquisition highlights our confidence in multifamily housing as an asset class that represents an attractive risk-reward proposition for our investors,” says ...

Industries › Commercial Real Estate October 22, 2015  |  Print this page Landmark Apartment Trust Inc., a Richmond- based multifamily real estate investment trust , announced Thursday that it has entered into a merger agreement to be acquired by Monument Partners LLC , an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust , in an all- cash deal valued at about $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company . According to the agreement, Monument will acquire all of the outstanding stock of Landmark and all the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings LP , for $8.17 per share of common stock. Landmark’s board of directors has approved the merger agreement and has recommended approval of the merger by the company’s stockholders.  The transaction is contingent on the approval by st...

SAN FRANCISCO--( BUSINESS WIRE )-- Calvera Partners , a California- based private real estate investment firm , today sold pksl (pronounced “pixel”), a 37-unit apartment building located at 1090 Sunnyvale Saratoga Rd. in Sunnyvale, CA, for $15.7 million ($424,000 per unit), an 89% increase over the building’s acquisition price of $8.325 million in January 2014. Home base to the original tech darlings Atari , AMD and Yahoo, the pksl project was the transformation of a 1960s- era apartment complex , formerly known as Crestview Terrace. With a mission to reposition underperforming properties with creative and authentic brands, high value tenant amenities , and modern design, pksl underwent a major transformation. “This community underwent the most significant physical change of any property we’ve owned,” said David Saxe, managing principal at Calvera Partners. “It was in disrepair when we took ownership and needed a major renovation and image upgrade. We spent more than $2.5 million ...

August 28, 2017 10:03 AM ET Equity Real Estate Investment Trusts (REITs) Company Overview Landmark Apartment Trust of America, Inc. is an independent real estate investment trust . The firm invests in the real estate markets of the United States. It is primarily engaged in ownership, acquisition, management, and disposition of multifamily apartment communities . The firm was previously known as Apartment Trust of America, Inc. Landmark Apartment Trust of America, Inc. was founded on December 21, 2005 and is based in Tampa, Florida with an additional office in Richmond, Virginia. 3505 East Frontage Road Suite 150 Tampa, FL 33607 United States Founded in 2005 768 Employees Key Executives for Landmark Apartment Trust, Inc. Chief Executive Officer and Director Chief Financial Officer Chief Operating Officer Chief Investment Officer , and Senior Managing Director Executive Vice President and Chief Operating Officer Compensation as...

New York- based Somerset Partners LLC has purchased Dogwood Creek , a 278- unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC , a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York- based DRA Advisors LLC , sold the community at a rate of $93,525 per unit—translating to a grand total of $26 million, reports the Memphis Business Journal . Built in 1997, the Class A garden style apartment complex had a 97 percent occupancy at the time of purchase and consists of one-, two- and three-bedroom units with an average surface area of 985 square feet. The property will undergo a value- add interior renovation led by Somerset Partners . Somerset Partners is a private investment firm with a portfolio of both commercial and multifamily properties and investments of over $1.6 billion since 2000. Seller G & I V Dogwood Creek was represented by the Memphis division of CBRE. In other multifamily news, Hunter...

A busy intersection in Shaker Heights is being transformed through the redevelopment of the Warrensville- Van Aken business district . The former Van Aken Center will connect with nearby Shaker Plaza to create the Van Aken District , a new downtown and community- gathering place for the city. Phase one of the $97.2 million project, under construction near the intersection of Warrensville Center Road and Van Aken and Chagrin boulevards, is due to be completed next summer. “There really has been nothing like this in Shaker Heights,” said Jack Bialosky Jr ., senior and managing principal of Bialosky Cleveland, the architectural firm responsible for planning the project and designing most of the buildings in phase one. “It’s a mixed-use, urban development which will really provide public space for the community, all organized around a central triangular park . “It’s going to be a place where the community can come, shop, dine and recreate. It will be a beautifully scaled, contained s...

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...

PE firm reaches $70M ground lease deal for Staten Island self-storage project Equator Capital Management to develop 136K sf building Rendering of a planned self-storage building at 2601 Veterans Road West UPDATED, Aug. 15, 6:08 p.m.: Private equity firm Equator Capital Management signed a 99-year, $ 70 million ground lease for a development site in Staten Island and plans to build a 136,000-square-foot self-storage building. The $ 70 million price tag is the aggregate value of annual rent payments for the entire term of the lease, according to Pure Properties Commercial Division ’s Eugene Rivera, who brokered the deal. The landlord of the two-acre property at 2601 Veterans Road West is A. Tranchina Incorporated, a seller of construction materials. Brooklyn-based Equator, founded by Douglaston Development veteran Mehul Patel , in 2015 acquired a development site at 29-01 Review Avenue in Long Island City , where it developed a 143,000-square-foot self-storage building. Self-sto...

SAN FRANCISCO, CA - Calvera Partners , a California- based private real estate investment firm , sold pksl (pronounced “pixel”), a 37- unit apartment building located at 1090 Sunnyvale Saratoga Rd. in Sunnyvale, CA, for $15.7 million ($424,000 per unit), an 89% increase over the building’s acquisition price of $8.325 million in January 2014.Home base to the original tech darlings Atari , AMD and Yahoo, the pksl project was the transformation of a 1960s- era apartment complex , formerly known as Crestview Terrace. With a mission to reposition underperforming properties with creative and authentic brands, high value tenant amenities, and modern design, pksl underwent a major transformation. “This community underwent the most significant physical change of any property we’ve owned,” said David Saxe, managing principal at Calvera Partners . “It was in disrepair when we took ownership and needed a major renovation and image upgrade. We spent more than $2.5 million renovating t...

Woodside Village , a 250- unit apartment complex in Reno, sold in April, according to Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada. " Woodside Village is a strong-performing asset in an excellent in-fill location," said Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap's Reno office. "The property gives new ownership the opportunity to increase revenue through loss-to-lease capture and the implementation of cosmetic enhancements to unit interiors . The ability to enhance revenue through a renovation program has been demonstrated by previous ownership and also by several other apartment communities within the immediate competitive set." The complex is located along a high-traffic thoroughfare at one of Reno's largest intersections, the corner of Kietzke Lane and Virginia Street. The Reno- Sparks Convention Center is across the str...