Wednesday, January 2, 2013

Charlotte apartment building changes hands

Heatherwood Apartment Homes, a 476-unit multifamily property in Charlotte, has been acquired by Elco Landmark Residential, a real estate investment firm that owns and operates multifamily properties throughout the Southeastern united states. 

The acquisition of Heatherwood is part of a larger transaction in which Elco Landmark Residential acquired a multifamily portfolio of four properties from Alabama-based Colonial Properties Trust for approximately $95.4 million.

Elco also acquired Colonial Village's Highland Hills, a 250-unit property built in 1987 and located in Chapel Hill.

Based in Tampa, Elco Landmark Residential is a real estate investment firm that owns interests in and operates 49 multifamily properties containing 15,175 units located throughout the Southeastern United States.