American Landmark isn't afraid of a multifamily cycle

Tampa-based investor says job, population growth more than justifies investments in area apartments


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  • | 6:00 a.m. March 22, 2019
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COURTESY PHOTO — American Landmark Apartments' CEO Joe Lubeck believes it's a good time to buy Tampa-area multifamily properties.
COURTESY PHOTO — American Landmark Apartments' CEO Joe Lubeck believes it's a good time to buy Tampa-area multifamily properties.
  • Commercial Real Estate
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Tampa-based American Landmark Apartments last month spent $53.7 million to acquire the Carlyle at Crosstown multifamily community between Tampa and Brandon, its fifth area purchase.

But while some investors have begun to shy away from Tampa apartments, citing compressed capitalization rates, rising prices and flattening rental rates after years of continued growth, American Landmark remains bullish on both the area and the sector.

 

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