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American Landmark pays $61M for North Lauderdale rental community
American Landmark pays $61M for North Lauderdale rental community
October 17, 2022

Glen at Cypress Creek sold for nearly double previous sales price in 2016

Miami (August 12th) - American Landmark Apartments bought a North Lauderdale rental complex for $60.5 million.

The Tampa-based multifamily operator paid nearly double the previous sales price for the 214-unit Glen at Cypress Creek at 1949 Cove Lake Road, records show. The buyer also assumed a $27.4 million mortgage with Berkeley Point Capital, and increased the loan amount by $5.3 million.


In 2016, the seller, affiliates of Palm Beach Gardens-based Priderock Capital Management, paid $36.5 million for the garden-style community completed in 1997.


For its latest acquisition, American Landmark paid $282,700 per apartment, an indicator that multifamily investors are still paying top dollar for rental properties in South Florida, where record demand has been met with record rent growth over the past two years.

Recently, Indianapolis-based multifamily real estate investment firm Birge & Held paid $55.1 million, or $315,000 per apartment, for a 175-unit apartment complex in Country Club, an incorporated neighborhood in Miami-Dade County. Also this month, AvalonBay Communities acquired two Miramar apartment complexes with a combined total of 650 units for $295 million.


The Fort Lauderdale market experienced a 16.2 percent jump in rent growth year-over-year, fourth highest in the nation behind Orlando, Miami and Palm Beach, according to a CoStar second quarter report.


Glen at Cypress Creek features a mix of one-, two- and three-bedroom apartments ranging from 760 square feet to 1,238 square feet, according to Apartments.com. The website only lists the price for a two-bedroom unit at $2,075 a month.


Founded 25 years ago by CEO Joe Lubeck, American Landmark has owned and sold more than 150,000 rental units, according to the firm’s website. The company currently owns more than 32,000 units.


In December, American Landmark sold the 240-unit Beach Walk at Sheridan apartment complex in Dania Beach for $78.7 million. In April of last year, American Landmark bought a 223-unit garden-style rental community in Plantation for $58 million.



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By Devin & Ciana Work Joint October 6, 2025
American Landmark Apartments, one of the nation’s leading multifamily owner-operators, has acquired Rosemont St. Johns, a 420-unit apartment community in Jacksonville, Florida. Built in 2007, the property will be rebranded under the American Landmark portfolio and marks a strategic addition to the firm’s growing presence across Florida. The acquisition reflects American Landmark’s confidence in Jacksonville’s surging multifamily market. “Rosemont St. Johns represents an exciting opportunity to expand our footprint in one of Florida’s fastest-growing cities,” said Christine DeFilippis, Chief Investment Officer at American Landmark Apartments. “Jacksonville’s consistently strong job growth, expanding population, and reputation as one of the most affordable large metros in Florida make it a compelling market for long-term investment. The property’s strategic location and premium amenities position Rosemont St. Johns as a compelling addition to our portfolio.” Situated at 12310 Seacrest Lane, Rosemont St. Johns offers a vibrant living environment with thoughtfully designed one-, two-, and three-bedroom residences featuring spacious floor plans and modern finishes. Community amenities include a resort-style swimming pool with expansive sundeck, a stylish clubhouse with resident lounge and entertainment kitchen, a 24-hour fitness center, outdoor grilling and picnic areas, and a dedicated dog park, all of which are designed to deliver comfort, convenience, and a sense of community. The property’s prime location in Jacksonville’s Southside submarket provides direct access to major employment hubs, retail corridors, and lifestyle destinations. With proximity to the University of North Florida, St. Johns Town Center, and Jacksonville Beach, Rosemont St. Johns offers residents the ideal blend of suburban tranquility and urban accessibility. This acquisition underscores American Landmark’s strategy of targeting high-growth Sunbelt markets where strong demographics, affordability, and lifestyle amenities continue to fuel multifamily demand. For more information on American Landmark, please visit http://www.alapts.com/. z To read more on this artice, visit citybiz here .
By Devin & Ciana Work Joint October 6, 2025
The Legend will be one of three properties in San Antonio that will be part of American Landmark Apartments' Educator-in-Residence pilot program.
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