{"id":1004068445,"date":"2013-03-08T10:36:40","date_gmt":"2013-03-08T18:36:40","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=107987"},"modified":"2022-12-05T17:49:36","modified_gmt":"2022-12-06T01:49:36","slug":"three-multifamily-communities-trade-for-83m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/three-multifamily-communities-trade-for-83m\/","title":{"rendered":"Three Multifamily Communities Trade for $83M"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Richmond, Va.-based Landmark Apartment Trust of America Inc. <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/multifamily-sales-trend-2013-millichap.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-107989\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/multifamily-sales-trend-2013-millichap.jpg\" alt=\"\" width=\"300\" height=\"228\" \/><\/a>(LATA) has announced the acquisition of three Charlotte multifamily communities for an estimated $83 million. The three assets, Mallard Creek, Abbington Place and Ashley Court, have a combined 795 units and are 93 percent occupied.<\/p>\n<p>\u201cThe acquisition of these three high-quality properties significantly expands our operations in Charlotte and aligns with our disciplined investment strategy of acquiring attractive assets at a discount to replacement cost,\u201d said LATA CEO Stanley J. Olander in a news release, adding: \u201cWe believe these assets offer strong unrealized cash flow potential that we plan to unlock by implementing our proven operating platform and renovation and repositioning strategy.\u201d<\/p>\n<p>And the optimism surrounding the multifamily industry seems to be quite on point. According to Marcus &amp; Millichap\u2019s 2013 market forecast report, the 20-34-year-old age bracket\u2014the largest rental age group\u2014is expected to increase by 50,000 in the next five years, which will not only keep vacancies low but also increase building efforts even further throughout the year. It is most likely that completed units will pass well above the last decade\u2019s average of 2,000 per annum.<\/p>\n<p>And the three properties purchased by LATA are located ideally for increasing revenue and tenancy. Their close proximity to downtown Charlotte and the University submarket, with convenient access to major interstate highways, will appeal to young professionals in the greater Charlotte area, as will their amenities.<\/p>\n<p>Located at 6001 Bennettsville Ln., the 1999-built Mallard Creek boasts 240 units. Community amenities include a fully equipped fitness center, pool complete with a deck, resident clubhouse, business center, playground, car care center, detached garages and landscaped grounds. The garden-style community is also pet-friendly \u2013 a major draw for a young demographic. Mallard Creek boast one-, two- and three-bedroom units.<\/p>\n<p>Located at 10015 Pantheon Court, 279-unit Abbington Place was<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/abbington-place.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-107988\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/abbington-place.jpg\" alt=\"\" width=\"300\" height=\"195\" \/><\/a> developed in two phases between 2005 and 2008. It comprises one-, two and three-bedroom units in either three-story buildings or villas. Amenities include a pool, patios, courtyards and detached garages.<\/p>\n<p>Adjacent to Abbington Places is the 276-unit Ashley Court. The 9740 Ashley Lake Court property was built in two phases between 2009 and 2011. The one-, two and three-bedroom apartment complex boasts amenities such as a 24-hour cardio center, 24-hour business center, private conference room, pool with adjacent dressing rooms, clubhouse complete with coffee bar, community grilling area and car care center.<\/p>\n<p>Landmark Apartment Trust of America owns and operates over 11,000 apartment units located throughout the Southeastern United States. LATA targets below market acquisition and repositioning of mid-income multifamily properties in the South.<\/p>\n<p><em>Photo courtesy of the Abbington Place Facebook page<\/em><\/p>\n<p><em>Chart courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richmond, Virginia-based Landmark Apartment Trust of America, Inc. (LATA), has announced the acquisition of three Charlotte multifamily communities for an estimated $83 million. The three assets, Mallard Creek, Abbington Place and Ashley Court have a combined 795 units and are 93 percent occupied.<\/p>\n","protected":false},"author":49,"featured_media":1004507408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004068445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Three Multifamily Communities Trade for $83M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/three-multifamily-communities-trade-for-83m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Multifamily Communities Trade for $83M\" \/>\n<meta property=\"og:description\" content=\"Richmond, Virginia-based Landmark Apartment Trust of America, Inc. (LATA), has announced the acquisition of three Charlotte multifamily communities for an estimated $83 million. The three assets, Mallard Creek, Abbington Place and Ashley Court have a combined 795 units and are 93 percent occupied.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/three-multifamily-communities-trade-for-83m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-08T18:36:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T01:49:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/multifamily-sales-trend-2013-millichap.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Three Multifamily Communities Trade for $83M\",\"datePublished\":\"2013-03-08T18:36:40+00:00\",\"dateModified\":\"2022-12-06T01:49:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/\"},\"wordCount\":440,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/multifamily-sales-trend-2013-millichap.jpg\",\"articleSection\":[\"Charlotte\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/three-multifamily-communities-trade-for-83m\\\/\",\"name\":\"Three Multifamily Communities Trade for $83M - 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