TAMPA, Fla.--()--Elco Landmark Residential (the “Company”), a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, today announced that it acquired two garden-style multifamily properties located in Orange Park, Florida, a suburb of Jacksonville, for a combined purchase price of $47.5 million. The properties known as Landmark at Autumn Cove and Landmark at Vista Grande are adjacent to each other and contain a combined total of 560 units. Collectively, the properties are 95 percent occupied.
“We are excited to add two well located Florida properties to our growing portfolio of high quality assets”
“We are excited to add two well located Florida properties to our growing portfolio of high quality assets,” said Joseph Lubeck, CEO of Elco Landmark Residential. “We continue to prudently deploy capital in core southeast markets where we have considerable expertise and we are confident that over time, these assets will realize attractive returns for our investors.”
Landmark at Autumn Cove, formerly known as Bridgewater at Wells Crossing, was constructed in 1986, contains 288 units and is located at 350 Crossing Boulevard. Landmark at Vista Grande, formerly known as Mariners Wharf, was constructed in 1989, contains 272 units and is located at 351 Crossing Boulevard. The properties are conveniently situated in close proximity to a major retail hub and offer residents a number of desirable amenities including a resort-style swimming pool, clubhouse, fitness center, car care center, playground, and tennis courts. The properties’ amenities are complemented by an inviting natural environment flush with trees and feature detailed landscaping.
Elco Landmark plans to implement its proven renovation and repositioning program to improve each property’s physical structure and aesthetics to unlock embedded value and cash flow opportunities. The Company is considering a number of potential upgrades including new signage, remodeled clubhouses and units and the addition of a dog park, Wi-Fi café, business center, and picnic areas. In regard to unit renovations, Elco Landmark plans to add new interior lighting packages, new cabinet doors and hardware, new flooring in kitchens and baths and new appliances and carpeting.
About Elco Landmark Residential:
Elco Landmark Residential is a real estate investment firm that owns interests in and operates 49 multifamily properties containing 15,183 units located throughout the Southeastern United States. The company aims to unlock hidden value and unrealized cash flow through the below market acquisition and repositioning of mid-income multifamily properties in the South, where the management team has proven expertise and a competitive advantage. Elco Landmark Residential is headquartered in Tampa, FL and is a member of The ELCO Holdings family of companies. For additional information please visit the company website at http://www.landmarkresidential.com/index.asp.