Property will receive capital improvements and be renamed “Aspire at 610”

American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Haven at Lakes of 610 Apartments, a 282-unit multifamily property in Houston. The new Class A apartment community, purchased from a joint venture between Guefen Development and The Rainier Companies, will receive a $1.45 million capital investment and will be renamed Aspire at 610.

This is American Landmark’s seventh property in the Houston area, and its first Houston-area acquisition in 2019. The company currently owns approximately 25,000 apartments throughout the Southeast and Texas, and plans to add another $2 billion in properties to its growing multifamily portfolio this year.

“Houston led the nation in job growth in 2018, and is poised to do the same this year, so we are very confident in the long-term demand for workforce housing in the region, which has seen its economy diversify significantly,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With its exceptional location and amenities, Aspire at 610 fits our investment strategy perfectly.”

American Landmark’s improvements will add faux-wood plank flooring, USB plugs, and smart locks in all units. Amenity improvements will include the addition of a dog-washing station, fire pits, package locker system, clubhouse and landscaping enhancements.

Built in 2018, Aspire at 610 is a four-story community located at 8900 Lakes at 610 Drive. One- and two-bedroom units feature washer/dryer machines, granite countertops, black appliances, plank flooring in first-floor units, and kitchen islands. Amenities include a clubhouse, large pool with sundeck, and business center.

Aspire at 610 is located in the South Main area of Houston, just off I-610 and conveniently located near NRG Stadium.

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 25,000 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.