American Landmark Communities has added to its multifamily portfolio with the recent acquisitions of communities in North Carolina and Tennessee.
In North Carolina, the multifamily owner and operator has purchased the 357-unit Ardmore King’s Grant Apartments in Charlotte and the 270-unit Ardmore Cates Creek in Hillsborough. The communities will be renamed Conrad at Concord Mills and Cadence at Cates Creek. American Landmark will enhance both properties with curb appeal and amenity upgrades as well as interior renovations, including upgraded cabinets and new subway tile kitchen backsplashes, faucets, lighting fixtures, ceiling fans, and USB outlets.
“These two properties allow American Landmark to maintain a presence in both the Charlotte and Raleigh markets as we sell off other assets within those markets,” said chief investment officer Christine DeFilippis. “North Carolina has seen a tremendous amount of balanced job and population growth. With their premium locations and extraordinary amenities, Conrad at Concord Mills and Cadence at Cates Creek allow us to expand our offerings to residents and differentiate ourselves in a competitive marketplace for value-add multifamily product.”
In Tennessee, American Landmark announced a joint-venture partnership with BentallGreenOak to acquire the 288-unit Vantage at Murfreesboro. The multifamily community, which was built in 2020, will be renamed The Edge.
This is American Landmark’s fifth apartment community in the state and the second joint-venture acquisition with BentallGreenOak, a global real estate investment management advisor. In September, the partners acquired the also newly built, 359-unit Parc at Murfreesboro.
“The population in Tennessee is at an all-time high, making a significant demand for high-quality apartments with a wide range of amenities," said DeFilippis. “On top of this, the cost of living in this area is relatively low, making it a popular place for people to live, and there is a large cluster of health care companies in this city driving job growth.”
The Edge, which is located in the Nashville suburb of Murfreesboro, is comprised of one-, two-, and three-bedroom floor plans with 9-foot ceilings, wood-inspired flooring, electric kitchens with black Energy Star-rated appliances, in-unit washers and dryers, private patios, and walk-in closets. In addition, some units have fenced-in yards. Amenities include a swimming pool, a barbecue and picnic area, a 24-hour fitness studio, a tech center that provides Mac and PC computers, a media lounge with an internet café that serves Starbucks coffee, two dog parks, and a dog grooming station.
