DANIA BEACH, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Sheridan Lake Club, a 240-unit multifamily community located in Dania Beach, Florida. The asset will be renamed Beach Walk at Sheridan, and will include approximately $4.2 million in property improvements.
American Landmark, and its debt and equity partner Electra America, are decisively acquiring value-add properties in excellent locations across the Southeast. The firm, which already acquired two properties this year, expects to complete $1.5 billion in multifamily acquisitions in 2018.This is their first acquisition in the Fort Lauderdale metropolitan area.
American Landmark plans to renovate unit interiors with contemporary amenities, featuring granite counters, wood-plank flooring, enhanced cabinets and plumbing fixtures, and washer/dryer. The company will also provide enhancements to community amenities that include a full expansion of the clubhouse and fitness center, dog park, meticulously detailed landscaping, and package lockers.
“The Fort Lauderdale MSA has many attractive key components for multifamily investment – namely, job and wage growth, population growth, gentrification of the downtown area and surrounding suburbs, lack of inventory, and affordability when compared to neighboring Miami,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “There are also considerable barriers to entry such as land and development costs, so Beach Walk at Sheridan is a rare opportunity to own an institutional-quality apartment community providing much-needed workforce housing to the area and it has a superior location very close to the beaches and waterways of Fort Lauderdale. Capitalizing on that supreme location is a true real estate play.”
Built in 2002, Sheridan Lake Club is located at 311 East Sheridan Street. One- and two-bedroom units include walk-in closets, lake views, private balconies, Wi-Fi, storage units, elevated ceilings, dishwasher, and range. Community amenities include a fitness center, grilling area resort-style pool, and courier service. The property is situated near important transit routes, including Sheridan Street less than a minute away, A1A less than five minutes away, and Interstate 95 about five minutes away. Nearby employers include Fort Lauderdale-Hollywood International Airport just 20 minutes away and Joe DiMaggio Children’s Hospital less than 15 minutes away.
American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, North Carolina, and Texas.