American Landmark Funnels $311M Into 2,284-Unit MF Buy
American Landmark spent $311 million to acquire a six-property, 2,284-unit Texas multifamily portfolio from Dallas-based Provident Realty Advisors. The new owner, headquartered in Florida, is planning a $14.7 million capital investment into the properties, which will include package locker systems, pet-grooming stations, clubhouse enhancements and stainless-steel appliances.
The portfolio consists of:
The 320-unit Hyde Park at Lake Wyndemere, 2109 Sawdust Rd., The Woodlands, renamed Artisan at Lake Wyndemere. Occupancy is 96.8%.
The 476-unit Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave. Occupancy is 95.1%.
The 306-unit Manor at Castle Hills, 1835 Lockhill Selma Rd. San Antonio, renamed Alon at Castle Hills. Occupancy is 97.7%.
The 350-unit Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin ranch. Occupancy is 96%.
The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch. Occupancy is 93%.
The 256-unit Lakepointe at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. Occupancy is 96.8%.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
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