Landmark Apartment Trust Buys Two Carolina Multifamily Properties

Victoria Park in CharlotteRichmond, VA-based Landmark Apartment Trust of America, Inc. has acquired 100 percent of the membership interests in Riverview Partners SC, LLC, which owns Reserve at River Walk, a multifamily residential apartment project in Columbia, South Carolina.

The purchase price for the acquisition is approximately $15,254,800. The new first mortgage on the property is $10,789,678.

The River Walk Property is comprised of 201,724 rentable square feet and contains 220 units. As of April 30, 2013, the River Walk Property was 96.82% occupied.

Landmark Apartment Trust of America, Inc. has also acquired 100 percent of the membership interests in Hampton Ridge Partners, LLC, which owns Victoria Park, a multifamily residential apartment project in Charlotte, North Carolina.

The Victoria Park Property acquisition was $20.5 million, including cash held by a qualified intermediary from a 1031 exchange and a new first mortgage on  the property for $14,441,927.

The Victoria Park Property is 343,444 rentable square feet and contains 380 units. As of April 30, 2013, the River Walk Property was 93.42% occupied.

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