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American Landmark grabs a 444-unit deal in Tampa
American Landmark grabs a 444-unit deal in Tampa
May 17, 2024

The apartment owner was able to secure lower insurance than its competitors, which helped it purchase the waterfront property.

At another point in time, a property like The Pointe on Westshore would have generated massive bidding wars.

The 444-unit waterfront asset, built in 2021, sits on 23 acres adjacent to south Tampa’s new Westshore Marina District. It consists of 13 five-story apartment buildings in addition to two-story townhomes. The property offers one-, two- and three-bedroom floor plans with views of Tampa Bay, stainless steel appliances, quartz countertops and frameless glass shower doors, according to a press release


But events of the last couple of years have made owning an asset like The Pointe on Westshore much more expensive. In addition to interest rate increases, property taxes have skyrocketed in Florida, and waterfront properties are uniquely affected.

Toronto-based professional services and investment management company Colliers first brought the property to market in July 2023 for Jupiter, Florida-based commercial real estate owner and developer Index Investment Group, which was facing a loan maturity. 

“This deal, in many respects, was the type of deal that we’ve all been reading about in the sense that the seller really didn’t want to sell it,” Casey Babb, executive vice president of multifamily investments at Colliers, told Multifamily Dive. “He knew that the value was going to ultimately go up over time. But he had a loan, a very large one, breathing down his neck.”


Insurance obstacles

But even with that motivation, a 150-basis-point interest rate spike forced Index and Colliers to pull the asset off the market. It relaunched the listing in December, receiving roughly 30 bids, according to Babb.

“The volatility in the market when it comes to interest rates has been very difficult,” Babb said. “But we were able to find American Landmark. They’ve got 35,000 apartments literally across the Sun Belt. So they were able to underwrite the insurance to a much lower number than the rest of the market.”

With multiple buildings, the insurance costs for The Pointe on Westshore were “astronomically high,” according to Babb. Some bidders were getting quoted prices as high as $3,500 a unit. However, Tampa-based owner American Landmark was able to insure the property at $2,000 a unit under its umbrella policy, giving it an extra $8 million to $10 million of value.

“We have some proprietary strategies to cover all our real estate assets at fair prices, even in Florida and Texas,” American Landmark CEO Joe Lubeck told Multifamily Dive.



With insurance covered, American Landmark was able to buy The Pointe on Westshore at 15% below the marketed price, according to Lubeck. “It is a great asset, great location and reduced price,” he said.


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By Devin & Ciana Work Joint August 20, 2026
In this podcast hosted by MHN's Laura Valean, Elizabeth Roy discusses shifting supply dynamics and what she’s watching as multifamily moves into its next investment cycle.
By Devin & Ciana Work Joint August 20, 2026
American Landmark Apartments , one of the nation’s leading multifamily investment managers and owner-operators, has acquired Park Avenue at Boulder Creek, a 292-unit apartment community located in Houston, Texas. The property will be the firm’s 14th asset in the Houston area and rebranded as Toscana Parkway, further expanding American Landmark’s Texas portfolio while strengthening the firm’s presence in one of the nation’s fastest-growing metropolitan areas. Located in southeast Houston adjacent to Pearland, the community benefits from the continued economic and population growth of the Greater Houston metropolitan area, which surpassed 7.9 million residents in 2025 after adding 126,720 new residents, marking the largest population gain of any U.S. metropolitan area (Greater Houston Partnership). The region’s diverse economy is anchored by nationally recognized healthcare, energy, aerospace, manufacturing and logistics industries, creating sustained demand for high-quality multifamily housing. Major employment centers including the Texas Medical Center, Port Houston and NASA’s Johnson Space Center continue to support the region’s long-term economic strength. “Houston continues to distinguish itself as one of the nation’s strongest multifamily investment markets because of its population growth, diverse employment base and long-term economic resilience,” said Elizabeth Roy , Chief Investment Officer at American Landmark Apartments. “Toscana Parkway is a well-located community with direct highway connectivity and immediate access to the retail and everyday amenities residents value. With no new deliveries in the submarket, we see a clear opportunity to invest behind the property’s fundamentals—executing the first capital improvement program since the community was built and bringing American Landmark’s operational expertise and value-add approach to enhance the resident experience for years to come.” Built in 2009, Toscana Parkway offers a mix of one-, two- and three-bedroom apartment homes and has not undergone a major capital renovation since its original construction, presenting a clear value-add opportunity. Community amenities include a resort-style saltwater swimming pool, fitness center, sauna, clubhouse, business center, volleyball court, children’s playground and poolside grilling areas. Apartment homes feature spacious floor plans with stainless steel appliances, island kitchens, dishwashers, crown molding, walk-in closets, and private patios or balconies. Located at 11575 Pearland Pkwy, Toscana Parkway offers residents highly accessible connectivity and a deep base of nearby retail. Sam Houston Pkwy is less than five minutes away, providing direct access to Interstate 45 and State Hwy 288 and seamless connectivity throughout the Houston metropolitan area. The community sits approximately 15 minutes from William P. Hobby Airport, 20 minutes from the Texas Medical Center—the largest medical center in the world—and less than 30 minutes from Downtown Houston, with abundant shopping, dining and daily-needs retail within immediate reach. With limited new supply delivered in the submarket, the property is well positioned to capture sustained rental demand. The acquisition aligns with American Landmark’s strategy of investing in well-located multifamily communities across high-growth Sun Belt markets supported by favorable demographic trends and strong long-term economic fundamentals. For more information on American Landmark, please visit www.alapts.com About American Landmark American Landmark is an institutional investment manager and vertically integrated multifamily platform that owns and operates more than 36,000 units comprising more than $7 billion in gross asset value under management. Over 30 years and 100,000 units, American Landmark has focused on the disciplined acquisition and management of value-add multifamily properties located in high-growth markets across the U.S. Sunbelt, including Florida, Texas, Georgia, North Carolina, South Carolina, Tennessee, Arizona, and Virginia. American Landmark is committed to providing excellent service and outstanding living environments to residents and to delivering consistent, attractive risk-adjusted returns to its investors and partners. The firm has been recognized as a top multifamily owner and workplace, including rankings as #27 on the NMHC Top 50 Largest Apartment Owners (2026) and #82 on the PERE 100 list of the largest private equity real estate managers (2026), as well as designations as a Freddie Mac Multifamily Optigo Select Sponsor (2026) and a USA Today Top Workplace (2025). For more information, please visi t www.alapts.com .
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