20 Feb American Landmark Buys 586-Unit Atlanta Community
Parc at 980, Lawrenceville, Ga.
American Landmark has acquired Madison at River Sound, a multifamily community in Atlanta’s suburb of Lawrenceville, Ga., from Investors Management Group Inc. Berkadia arranged the financing on behalf of the buyer. The property will be rebranded as Parc at 980.
“American Landmark is very pleased, once again, to increase our footprint in the Atlanta suburbs with the acquisition of Parc at 980 (formerly Madison at River Sound), a 586-unit community. The addition of Parc increases our presence to six communities, totaling 2,300 units,” Christine DeFilippis, chief investment officer of American Landmark, told Multi-Housing News.
Located at 980 Walther Blvd., the 586-unit community features one-, two- and three-bedroom floorplans ranging from 714 to 1,523 square feet. Constructed in 1997, the property was 94 percent occupied at the time of purchase. Interior features include washer/dryers, fireplaces, vaulted ceilings and private balcony/patios. Residents have access to amenities such as:
fitness center clubhouse business center tennis and volleyball court playground resort-style swimming pools dog bark laundry facilities outside storage 900 parking spaces
The company plans to renovate apartment interiors and add more modern, luxurious details including plank flooring, new kitchen backsplashes, modern cabinet hardware, sleek appliances, new countertops and upgraded plumbing and lighting fixtures.
“Atlanta is recognized as one of the fastest growing economies after having been hit the hardest during the recession,” noted DeFilippis to MHN. “From 2016 to 2017, population grew 2 percent and home prices grew 10 percent. Propelling this boom is the addition of 488,700 jobs since the recession, of which 40 percent were high-paying, high-skilled. American Landmark is capitalizing on this trend and taking the opportunity to find well-located workforce housing with proven demographic demand for affordable upgrades and amenities.”
This is American Landmark’s third multifamily acquisition in suburban Atlanta in the past year. The company recently purchased Belle Vista in Lithonia and Marbella Place in Lawrenceville from Robbins Electra, who purchased both communities as part of a three-property portfolio transaction last April.
Image courtesy of American Landmark