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PO Box 1212 Tampa, FL 33601 Pinellas Updated September 2024
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RETURN TO NEWS INDEX Tampa multifamily firm raises $1 billion to chase Sun Belt apartment deals American Landmark Apartments closed Fund IV on Feb. 1, the company said. Its previous fund was $980 million. With leverage, Fund IV has a total investment capacity of $2.6 billion.
“We were very honored to have strong national and international support for our fourth fund,” Joe Lubeck, CEO of American Landmark, said in a statement. “Both repeat and new investors, largely institutional, were participants. We appreciate the investment community’s confidence in American Landmark to successfully navigate the current real estate market.”
Like all commercial real estate asset classes, multifamily has struggled in the face of rising interest rates and, particularly in Florida, rising insurance costs.
“2023 was a challenging year for capital raising, and we are very happy with our successful final closing, which exceeded our target,” David Tepperman, global head of capital markets for American Landmark, said in a statement. “This is a testament to our team’s consistency and ongoing commitment to performing for our clients. We are deeply grateful for the continued support from our existing investor base and are excited about the new relationships we have formed. The ability to exceed Fund IV’s target speaks to the LP community’s confidence in American Landmark’s expertise as a seasoned manager and the multifamily sector’s resiliency.” |
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