The new owner will rebrand the 360-unit community and implement a capital improvement program.
American Landmark has purchased the 360-unit Elan 99 West in Katy, Texas. Yardi Matrix data shows the seller was Greystar and the buyer received a $40.3 million, 10-year Freddie Mac acquisition loan from Berkadia. The new owner will rename the property Elite 99 West and will implement a $1.35 million capital improvements program. In August, the firm purchased Four Corners Apartments. a 390-unit upscale community located in Frisco.
Located at 23400 Kingsland Blvd., the community is roughly a mile from Interstate 10 and less than 30 miles from downtown Houston. Completed in 2016, the asset comprises one-, two- and three-bedroom apartments in 15 three-story buildings. Common-area amenities include a pool, lake with jogging path, fitness center and clubhouse. As of August, the asset was 88.9 percent occupied, according to Yardi Matrix data.
Senior Managing Directors Mitch Sinberg and Robert Falese, Associate Director Matthew Robbins and Senior Director Matthew Cullison from Berkadia arranged the financing for American Landmark. The capital improvement program will include smart locks, kitchen undermount lighting, exterior ceiling fans and upgrades to site amenities, as well as landscaping.
