Tampa Apartment Firm Invests $7 Million into the Buyout of Two Brandon Complexes

cliggittvaluation • October 16, 2024

American Landmark Apartments buys and combines two Brandon apartments for $7 million totaling 455 units

As of Monday September 30th, American Landmark Apartments, which is headquartered in Tampa, has bought two apartment communities located in Brandon (southeast quadrant of Interstate 75 and Causeway Blvd./Lumsden Road). One of the apartment communities, The Addison, is a 167-unit complex and was originally bought in February of 2018 for $167,665 per unit by LLCs by Westerville, Ohio multifamily investor White Oak Partners. The second community is a 288-unit complex named Courtney Trace and was also originally bought in February of 2018 by the same company for $160,590 per unit. Both of these complexes are located near Interstate 75 off Lumsden Road/Causeway Blvd. in Brandon, and are directly across Providence Lake Boulevard from one another. Although they announced the purchase of the complexes, they did not disclose the exact purchase price yet. American Landmark Apartments plans to invest $7 million in order to merge and revamp these properties into “The Griffin”.


The new development will offer a total of 455 units, with sizes varying from one to three bedrooms, and sizes ranging from 822 square-foot one bedrooms to 1,354 square-foot three bedrooms. Although the monthly rental prices are not posted on the website yet, apartments.com stated that, “the estimated monthly rental will be between $1,540 and $3,146 per month”. The $7 million that American Landmark is investing will be towards extensive upgrades. These upgrades for the units include bathroom and kitchen cabinetry, new countertops and appliances, LED lighting all around, electric locks and Wi-Fi enabled thermostats. According to the Griffin website some of the community features include, two resort-inspired pools, two fitness centers, leash-free bark park, clubhouse with resident lounge, community conference rooms, outdoor grilling areas, valet trash services and garages. Some of the apartment features include sleek granite or quartz countertops, in-home washer and dryer, screened in private patios or balconies, wood-style flooring and premium granite or stainless steel appliances. 

American Landmark Apartments currently oversees around 36,000 apartment units across the southern half of the United States, with a total asset value of over $6 billion. The company stated that “this acquisition adds to the 30 deals currently under ownership/management in” the state of Florida. With this $7 million investment, The Griffin is set to become a modern and inviting community. Stay tuned for more updates!

The Griffin Website
The Griffin Website

Sources : Business Observer Florida | Yield Pro | American Landmark | The Griffin | Hillsborough Property Appraiser 


Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

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