Rock Ridge Apartments in Arlington, Texas, will become Ranch Three O Five.
Courtesy American Landmark Rock Ridge Apartments in Arlington, Texas, will become Ranch Three O Five.

Multifamily owner-operator American Landmark, based in Tampa, Fla., partnered with Washington, D.C.-based RSE Capital Partners to strengthen their positions in the South. They recently invested $246.77 million into a five-property multifamily portfolio with assets in Texas and Tennessee. The package includes 1,848 units in apartment communities located in the Dallas-Fort Worth market and the Nashville submarket of Hendersonville, Tenn.

American Landmark is on track to make its goal of completing $2 billion in acquisitions by the end of 2019. The firm now owns approximately 28,000 units throughout the Southeast and Texas. “The Southeast U.S. and Texas continue to show signs of strong population and labor growth, a deciding factor taken into account when acquiring these properties,” said Christine DeFilippis, chief investment officer of American Landmark. “The Dallas-Fort Worth market ranked second in the country in jobs added, and Nashville is illustrating one of the lowest unemployment rates in the country, a trend that we look for in the markets where we invest.”

Summer Villas Apartments in Dallas will be renamed The Regent.
Courtesy American Landmark Summer Villas Apartments in Dallas will be renamed The Regent.

The properties in the portfolio include:

  • Meadows of Bedford, a 490-unit asset to be renamed The Logan. Located at 1400 Sierra Springs Drive in Bedford, Texas, the community was built in 1985 and was 95% occupied at the time of sale.
  • Remington Hill, a 440-unit apartment community to be renamed Laurel Heights at Cityview. Situated at 5701 Overton Ridge Blvd. in Fort Worth, the property was built in 1986 and was 96% occupied at the time of sale.
  • Rock Ridge Apartments, a 226-unit multifamily community to be renamed Ranch Three O Five. Located at 305 Ranch Drive in Arlington, Texas, the asset was built in 2003 and was 96% occupied at the time of sale.
  • Summer Villas Apartments, a 460-unit multifamily community in Dallas to be renamed The Regent. Situated at 17717 Preston Road, the asset was built in 1984 and was 95% occupied at the time of sale.
  • Windsor Park Apartments, a 232-unit multifamily community in Hendersonville to be renamed The Hamilton. Located just outside of Nashville at 100 Windsor Park Lane, the property was built in 1985 and was 91% occupied at the time of sale.

In addition to the Tennessee and Texas acquisitions, American Landmark and RSE also recently teamed to purchase Eastport Apartments, a 440-unit community in Jacksonville, Fla., which brought their joint venture’s total to over $800 million of multifamily assets. The team intends to pump in $17.9 million in capital improvements into their latest acquisition, including the addition of stainless steel appliances, new cabinetry, upgraded lighting and plumbing fixtures, and USB plugs. Amenity improvements include installation of electronic locks, package locker systems, new pool furniture, as well as clubhouse and fitness center renovations.