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American Landmark Expands Texas Presence, Buys 484 Units
American Landmark Apartments boosted its Texas presence by acquiring two Houston multifamily assets totaling 484 units. The 234-unit Newport on the Lake and 250-unit Harbor View Apartments will undergo a combined $5.9 million capital improvements program and be renamed Lakefront Villas and the JaXon, respectively.
Cortland of Atlanta, GA, sold both properties on which more detail follows:
- The 11-year-old Newport on the Lake is at 1895 Barker Cypress Rd. on Houston’s west side.
- Harbor View, which delivered in 2010, is at 4855 Magnolia Cove Dr. in the Houston suburb of Kingwood, TX.
The acquisitions increase American Landmark’s Texas portfolio to 38 properties, 14 of which are in Houston. “Houston continues to offer long-term opportunities as in-migration maintains strong demand throughout the MSA, naturally elevating asking rents in the process,” said Christine DeFilippis, with Tampa, FL-headquartered American Landmark.
Pictured: Harbor View Apartments, Kingwood, TX
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- ◦Sale/Acquisition
