American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, announces it has acquired Elan River District, a 325-unit multifamily community located in Fort Worth, Texas. The property will receive $744,000 in capital improvements and be renamed Mercantile River District.
With this acquisition, American Landmark Apartments now owns 47 properties in Texas and 22 in the Dallas-Fort Worth area.
“Demand for new and existing housing continues to keep the Dallas-Fort Worth area at the forefront for us,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Residential construction has considerably surged since this time last year, indicating continued interest for housing throughout the metro that’s supporting stronger fundamentals and forecasting greater yields for multifamily investments in the workforce category.”
Property improvements will include new smart locks and upgrades toward common areas including the fitness center, clubhouse and landscape beautification.
Built in 2017, Mercantile River District is located at 4921 White Settlement Road. Studios, one-, two- and three-bedroom units include stainless steel appliances, USB outlets, Nest thermostats, granite countertops, private balconies and washer/dryer. Community amenities feature a business center, swimming pool, fitness center and lounge.
Situated in the Riverbend neighborhood of Fort Worth, the community is found near a variety of recreational and retail options. Fort Worth Botanic Garden and Fort Worth Museum of Science & History are less than 10 minutes away. Log Cabin Village is approximately 10 minutes away from the property, with the Fort Worth Zoo also at about the same distance.