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The owner-operator has acquired a 322-unit community in a sought-after submarket.
American Landmark Apartments has expanded its portfolio in the Jacksonville, Florida, metro with the acquisition of The Wimberly at Deerwood from Olympus Property. The 322-unit development, located in southeast Jacksonville’s Deerwood submarket, is the firm’s sixth community in the metro.
The Tampa-based multifamily owner-operator has plans for an extensive renovation and repositioning of the property, which it has rebranded as The Drake at Deerwood.
“Jacksonville is benefiting from new and expanding employers in the region and has emerged as one of the fastest-growing cities in the country,” said Christine DeFelippis, chief investment officer. “A lower cost of living, diversified economy, and proximity to destinations like the beaches underpin future growth, and we’re excited to expand our footprint in the metro with a premiere, well-located, and well-maintained asset with plenty of upside potential.”
Built in 2000, the community offers one-, two-, and three-bedroom layouts from 659 to over 1,300 square feet. Interiors feature 9-foot ceilings, chef-style kitchens with stainless steel appliances, wood-style plank flooring, oversized closets, and patios or balconies. According to American Landmark, granite countertops, new kitchen backsplashes, and new cabinet faces will be added to each unit along with smart locks and thermostats, USB outlets, and new plumbing and lighting fixtures.
The community has a wealth of resort-inspired amenities, such as a swimming pool and sundeck, an outdoor kitchen with grills, a sand volleyball court, and two dog parks. Residents also have access to a community clubhouse with an oversized resident lounge, a movie theater, a media room, a billiards lounge, a game room, and a fitness studio. In addition, garages and boat parking are available for rent.
American Landmark plans to upgrade the clubhouse, fitness center, and the pool and outdoor kitchen area. In addition, it will add electric vehicle charging stations, package lockers, a new camera system as well as upgrade roofs, landscaping, and exterior paint.
