American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired The Tradition at Summerville, a 232-unit multifamily asset in Summerville, South Carolina. The property will undergo a $2.7 million capital improvements project and be renamed The Bryant at Summerville.
This is the firm’s third acquisition in the growing Summerville neighborhood north of Charleston, with the firm planning to acquire up to $2 billion in multifamily properties throughout the Southeast and Texas.
“The Southeast has remained a preferred market of ours due to its strong fundamentals, especially burgeoning markets like Summerville that we identified right when it began demonstrating significant potential for growth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The area has shown a considerable rise in jobs and population since our entry in 2018, offering a compelling opportunity to seek additional assets in this rising market just north of Charleston.”
The Charleston-based NKF Multifamily Capital Markets Team including Senior Managing Director Alex Okulski; Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Managing Directors John Munroe and Jason Kon brokered the transaction.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 2004, Tradition at Summerville is located at 325 Marymeade Drive. One-, two- and three-bedroom units include open floor plans, crown molding, screened patio/balcony and full size washer and dryer. Community amenities include a fireside lounge, outdoor summer kitchen, business center, nature trail, swimming pool, fitness center and lounge.
For more information, please visit www.alapts.com.
About American Landmark
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 33,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.
