American Landmark buys $167m LivCor resi portfolio with Electra America

Tampa Bay-based American Landmark along with its joint venture partner Electra America has acquired three North Carolina multifamily communities. They paid LivCor $167 million (or just under $152,095 per unit) for the 1,098 apartment portfolio. The assemblage includes the 330-unit Edinborough at the Park in Durham, the 312-unit Edinborough Commons in Raleigh and the 456-unit Steele Creek South in Charlotte. The new owners plan to invest an additional $7.7 million to renovate the assets.

“We’re seeing a lot of tech-fueled growth across the Southeast, and in Research Triangle Park area, of course, combined with overall low unemployment across the country. This has created an unprecedented demand for housing and apartments,” said Christine DeFilippis, chief investment officer at American Landmark.