Landmark Apartment Trust of America bought the Landmark at Grand Terraces in Charlotte. (LATA)
Dead set on its plan to go public, a local REIT keeps gobbling up apartment complexes.
West End-based Landmark Apartment Trust of America in recent weeks bought eight more apartment properties across the South, and plans to acquire another nine properties are in the works.
Headquartered in small office off Staples Mill and Dickens roads, the five-year-old company also this month received $219 million in fresh capital from affiliates of iStar Financial and Blackstone Real Estate Special Situations Advisors.
LATA spent $169.3 million to acquire eight apartment complexes totaling 2,252 units over the past several weeks. That includes five properties in North Carolina, two in Florida and one in Texas.
Jay Olander, the company’s chief executive, said it plans to close on nine more properties in the next month. That price tag will run about $225 million for an additional 3,100 units.
It’s all part of a goal to reach a certain size in order to make it attractive for an eventual IPO.
The pending acquisitions will give LATA about 16,000 apartment units under ownership. Olander said the firm wants to reach 20,000 units prior to any public offering.
“We still need 4,000 more,” Olander said. “We’re actively and aggressively going after it.”
LATA has closed more than $700 million worth of apartment acquisitions and property management contracts and more than tripled in size since last summer. It also generates revenue through the management of about 15,000 apartments.
It has set a mark of a $2 billion company valuation for the eventual IPO.
The company will continue to target properties across the South.
“That’s where huge growth has been and where it’s coming to from population growth,” Olander said.
The new capital adds iStar and Blackstone to the company’s list of deep-pocketed investors, which also includes a Canadian pension fund and DeBartolo Development. DeBartolo is tied to the family that previously owned the San Francisco 49ers.
Landmark Apartment Trust of America bought the Landmark at Grand Terraces in Charlotte. (LATA)
Dead set on its plan to go public, a local REIT keeps gobbling up apartment complexes.
West End-based Landmark Apartment Trust of America in recent weeks bought eight more apartment properties across the South, and plans to acquire another nine properties are in the works.
Headquartered in small office off Staples Mill and Dickens roads, the five-year-old company also this month received $219 million in fresh capital from affiliates of iStar Financial and Blackstone Real Estate Special Situations Advisors.
LATA spent $169.3 million to acquire eight apartment complexes totaling 2,252 units over the past several weeks. That includes five properties in North Carolina, two in Florida and one in Texas.
Jay Olander, the company’s chief executive, said it plans to close on nine more properties in the next month. That price tag will run about $225 million for an additional 3,100 units.
It’s all part of a goal to reach a certain size in order to make it attractive for an eventual IPO.
The pending acquisitions will give LATA about 16,000 apartment units under ownership. Olander said the firm wants to reach 20,000 units prior to any public offering.
“We still need 4,000 more,” Olander said. “We’re actively and aggressively going after it.”
LATA has closed more than $700 million worth of apartment acquisitions and property management contracts and more than tripled in size since last summer. It also generates revenue through the management of about 15,000 apartments.
It has set a mark of a $2 billion company valuation for the eventual IPO.
The company will continue to target properties across the South.
“That’s where huge growth has been and where it’s coming to from population growth,” Olander said.
The new capital adds iStar and Blackstone to the company’s list of deep-pocketed investors, which also includes a Canadian pension fund and DeBartolo Development. DeBartolo is tied to the family that previously owned the San Francisco 49ers.