Landmark buys properties in Greensboro and Tennessee

RICHMOND, Va – Landmark Apartment Trust of America Inc., which owns 10 apartment developments around Charlotte, has announced it has acquired two multifamily properties in separate transactions for a combined purchase price of about $37 million. The properties, located in Greensboro, N.C., and Nashville, Tenn., collectively contain 600 units and are 95 percent occupied.

“Our entry into the Greensboro market and expansion in Nashville reflect a natural continuation of our strategy to bolster our presence in high growth markets in the Southern United States,” said Stanley J. Olander, CEO of the multifamily real estate investment trust. “We look forward to capitalizing on the favorable long-term economic and demographic fundamentals in both markets, and leveraging our proven operating platform to unlock additional value at the asset level.”

The company acquired Landmark at Battleground Park, a 240-unit apartment community in Greensboro, formerly known as Mission Battleground Park, and Landmark at Glenview Reserve, a 360-unit apartment community in Nashville, Tenn., formerly known as Mission Briley Parkway.

Landmark, based in Richmond,Va., owns and operates more than 16,000 apartment units and provides management services for an additional 15,000 units owned by affiliates throughout the Southern U.S.