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American Landmark Apartments acquired the 357-unit Ardmore King’s Grant apartment complex near Concord Mills mall for $98.6 million.
American Landmark Apartments has made another notable acquisition to add to its Charlotte-area portfolio.
The Florida-based multifamily firm recently bought Ardmore King’s Grant near Concord Mills mall. American Landmark acquired the 357-unit apartment complex for $98.6 million, according to Mecklenburg County real estate records. It paid more than $276,000 per unit for the asset. The deed for the transaction was recorded this week. American Landmark has rebranded the property as Conrad at Concord Mills.
At the time of the sale, the complex was 92% leased. It was built in 2015 and sits on a nearly 17-acre site just off Mallard Creek Road.
The property was one of two that American Landmark acquired from Ardmore Residential Inc., with the other being in the Triangle area. Cushman & Wakefield's Michael Saclarides, Paul Marley and Marc Robinson represented Ardmore in the deals.
The acquisition adds to a slew of purchases that American Landmark has made in the area in the last year.
The firm has been particularly active in the north Charlotte/Cabarrus County area. Earlier this year, American Landmark bought a 240-unit Cabarrus County apartment complex for $56.85 million. The company spent $103.1 million on a north Charlotte apartment complex in October. And in September, American Landmark made multiple purchases, including one near UNC Charlotte for $81.5 million and another pair of assets in north Charlotte for over $125 million combined.
American Landmark is headquartered in Tampa and owns around 32,000 multifamily units, mainly in the Southeast. Its portfolio includes apartment complexes in North Carolina, South Carolina, Georgia, Florida, Tennessee and Texas, according to its website.
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