American Landmark Picks Up A 6-Property Portfolio In Texas' Major Cities

American Landmark acquired more than 2,200 multifamily units in Houston, San Antonio, Austin and Irving, a city northwest of Dallas. The price tag for the six-property portfolio was $311M. 

The Florida-based firm is investing $14.7M in capital improvements such as granite countertops, package locker systems, stainless steel appliances, clubhouse enhancements and pet grooming stations. 

“Texas is a national leader in both employment and population growth, continuously attracting new residents with its low cost of living and major employers who seek a skilled labor force," American Landmark Chief Investment Officer Christine DeFilippis said in a release. “We recognized this at the start of the trend, and we look forward to [continuing] selectively acquiring assets in this growing market.”

The deal brings American Landmark's Texas portfolio up to 33 properties. The company owns and manages approximately 25,000 apartment units throughout the Southeast and Texas. It expects to pick up another $2B in multifamily properties this year. 

The properties in the portfolio are:

• Hyde Park at Lake Wyndemere, at 2109 Sawdust Road, The Woodlands. It will be renamed Artisan at Lake Wyndemere. Built in 2000, the garden-style community includes 320 units and was 96.8% occupied at the time of purchase.
• Hyde Park at Enclave, at 12951 Briar Forest Drive, Houston, will be renamed Hayden at Enclave. Built in 1999, the newly renovated community includes 476 units and was 95.1% occupied at the time of closing.
• Lakepointe at Las Colinas, at 5353 West Las Colina Blvd., Irving, will be renamed The Blvd. Built in 2012, the luxury apartment community includes 256 units and was 96.8% occupied at the time of closing.
• Manor at Castle Hills, at 1835 Lockhill Selma Road, San Antonio, will be renamed Alon at Castle Hills. Built in 2000, the garden-style complex features 306 units and was 97.7% occupied at the time of purchase.
• Hyde Park at Ribelin Ranch, at 9900 McNeil Drive, Austin. The garden-style community, which will be renamed the Asten at Ribelin Ranch, includes 350 units and was 96% occupied at the time of purchase.
• Hyde Park at Wells Branch, at 2801 Wells Branch Parkway, Austin, will be renamed Beck at Wells Branch. Built in 1999, the community features 576 units and was 93% occupied at the time of closing.