American Landmark Purchases 320-Unit FL Multifamily
The Palm Bay apartment community will undergo a $3 million capital improvement and rebranding program.
PALM BAY, FL – Multifamily owner-operator, American Landmark Apartments has acquired a 320-unit apartment community located at 1000 Palm Dr. NE in Palm Bay, FL.
The apartment community, known as The Vinings, will undergo $3 million in capital improvements and rebranding, and will be renamed The Braxton.
American Landmark Apartments plans to implement a value-add program throughout the 1987-building; upgrading a variety of in-unit features such as granite countertops, new cabinets, backsplash, stainless steel appliances, plumbing fixtures, lighting fixtures, USB outlets and electronic locks. The company plans to improve community amenities including a grilling table, dog park, fitness center, clubhouse, swimming pool and landscaping.
The apartment community features one-, two- and three-bedroom floorplans, ranging in size from 595 square feet to 1,356 square feet. The unit layouts offer open layouts, fully-equipped kitchens, private patios or balconies and in-unit washers and dryers. Current community amenities include two swimming pools, a fitness center and a tennis court.
Located within the Space Coast region of Florida, the apartment community is situated in close proximity to Eastern Florida State College Palm Beach Campus, numerous Atlantic Ocean beaches and Patrick Air Force Base.
With the acquisition, the company is aiming to capitalize on region’s increasing activity.
“Palm Bay and the surrounding cities of Melbourne, Titusville and Cape Canaveral are enjoying significant job and population growth due to the area’s strong high-tech, defense and aerospace sectors, so now is an excellent time to be investing in quality rental housing in this region which will remain an important contributor to the US. economy for years to come,” states Christine DeFilippis, CIO of American Landmark Apartments.
With the recent purchase, American Landmark Apartments currently owns and operates 22 multifamily communities in Florida. The company’s national portfolio now totals more than 33,000 units.
