“Carlyle at Crosstown” apartments will undergo $2.3 million renovation
American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Carlyle at Crosstown, a 300-unit garden-style community in Tampa. Located just 15 minutes east of Downtown Tampa, the asset marks the firm’s fifth acquisition in the Tampa market. The property was 96.3 percent occupied at the time of sale.
American Landmark, and its equity partner Electra America, continues to selectively acquire properties in excellent locations across the Southeast and Southwest. This is the company’s 28th property acquisition worth$1.5 billion since the beginning of 2018, adding over 9,000 apartment units to its portfolio.
The firm plans to implement approximately $2.3 million of interior and exterior capital improvements. Unit enhancements will include smart thermostats, closet cabinet systems, and electronic key fobs. Community upgrades will include a package locker system, clubhouse improvements, and verdant landscaping.
“Tampa has always been an attractive market to invest and grow in, particularly because of its consistent opportunities in labor and economic growth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Ranked as one of the best cities in the world by Resonance Consultancy, the metro area is receiving the recognition it deserves as a destination with high-quality infrastructure, institutions, and arts, areas that we’ve witnessed firsthand since our initial investment in the city.”
Built in 2009, Carlyle at Crosstown is located at 1820 Crosstown Club Place. One-, two-, and three-bedroom unitsinclude granite countertops, black appliances, plank flooring, ceramic tile flooring, and kitchen islands. Community amenities feature a large swimming pool with sundeck, fitness center, business center, clubhouse and lounge, pet grooming station, dog park, and car care center.
Situated between Tampa and Brandon, the community is surrounded by important transit routes offering access to major employers and the greater Tampa area. SelmonExpressway is less than five minutes away, offering a direct route to downtown Tampa, and Interstate 75 is less than 10 minutes away, providing a quick route to Interstate 4 and the rest of Central Florida. MIDFLORIDA Credit Union is under 15 minutes away, and Tampa Executive Airport is only 15 minutes away.
About American Landmark
American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 23,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.
