American Landmark had a strong year in 2019. It added 30 assets, or approximately 6,000 units, with a cumulative value of $1.7 billion to its portfolio, while strategically offloading approximately $500 million in assets. Of those 30 assets, over two-thirds were acquired off-market in special circumstance negotiations.

Also in 2019, American Landmark closed on its 2018 Multifamily Fund II, which raised $462 million from institutional and private investors, and launched its 2019 Multifamily Fund III, with a target raise of $500 investment million. That fund was seeded with the off-market acquisition of a nine-property, 2,578-unit apartment portfolio in early December 2019 for just over $400 million.

Lubeck says American Landmark will acquire properties where the jobs are.

"Jobs, jobs, jobs is our mantra—we go where there's job growth, which follows population growth," he says. "These are the key fundamentals when identifying new markets that allow us to go deeper in those areas, looking at submarkets that stand out from others and that fit within our high investment standards."