Dallas — The $94.6 million transaction kick starts an acquisition-heavy period.
Dallas — Inland American Real Estate Trust has acquired The Retreat Tallahassee and The Retreat Raleigh from Landmark Properties for $94.6 million. Both properties opened this past fall.
According to Travis Roberts, president of Inland American Communities, the company plans to amplify its presence in student housing with $500 million worth of investments in the next few years.
Landmark's Tallahassee property was 100 percent preleased as of January 2011. Raleigh is 97 percent occupied. Landmark CEO Wes Rogers says the company plans to reinvest the capital from these acquisitions into new developments. Landmark has begun perusing infill projects, with its first, The Standard in Athens, underway near the University of Georgia with occupancy planned for 2014.
Landmark has three other projects currently under construction: The Retreat Tucson, The Retreat at State College, Pennsylvania, and The Retreat at Oxford, Mississippi, which is a joint venture with EdR. Two other projects, one in Corvalis, Ore., and one in Orlando, Fla., are expected to begin early in 2013.
Inland American Communities will manage the two properties.