By Balazs Szekely, Associate Editor
Landmark Apartment Trust of America, Inc. announced Thursday that it has acquired Sunshadow Apartments in Casselberry in conjunction with three other multifamily properties located in Florida, Texas and Alabama, through two separate transactions totaling $98.2 million. This purchase brought LATA its fourth asset in the Orlando market. The recently purchased properties contain 1,346 units overall, and are 95 percent occupied.
Sunshadow Apartments, an apartment community currently known as Landmark at Woodland Trace, is located at 1450 Sunshadow Drive in Casselberry, FL., northwest from downtown Orlando. It is near Altamonte Mall and Florida Hospital and offers residents private entrance, car care center, swimming pools, indoor racquetball court, 24 hour fitness center, fishing lakes, picnic areas, multi-purpose sports court and bark park on 36 acres.
The community offers one- and two-bedroom units that range in size from 715 to 988 square feet.
Stanley J. Olander, CEO and director of the REIT said in a statement for the press, that they wish to acquire more top-quality workforce housing in high-growth markets.
“With these acquisitions, we continue to grow our footprint, adding four attractive assets situated in desirable growth markets, with incremental opportunities to create value,” he adds.
LATA is a Richmond, Va.-based multifamily REIT with assets located in select metropolitan areas throughout the Southern United States. The company owns and operates approximately 18,000 apartment units, and provides management services for more than 12,500 units owned by affiliates.
Photo courtesy: Landmark Apartment Trust of America
