Florida investor takes rental community east of downtown Dallas

A Florida investor who is already a large home owner in the Dallas area has purchased another property east of downtown.

American Landmark Apartments has acquired Olympus at Ross, a 368-unit shared apartment on Ross Avenue in East Dallas.

Built in 2013 on Ross and McCoy Street, the property has been owned by Fort Worth-based Olympus Property since 2015.

With the purchase, American Landmark now has 21 shared apartments in the Dallas-Fort Worth area.

“Dallas has maintained a favorable position in multi-family communities based on its exemplary fundamentals and ability to handle suburban growth,” said Christine DeFilippis, chief investment officer of American Landmark, in a statement. “As a result, it has attracted a lot of capital, but has also become increasingly competitive.

“Thanks to our deep understanding of all sub-markets, our operational finesse and our strong relationships in the region, we were able to cope with this problem-free.”

The latest purchase is renamed Macallan at Ross.

American Landmark Apartments, based in Tampa, bought two rental projects of more than 500 units in Garland and Euless in June. The investor owns 45 properties across Texas.

The Olympus at Ross is the second apartment complex on the Ross Avenue corridor that has changed hands in the past few months.

A subsidiary of New York-based international investment manager Nuveen has just bought the Alexan Henderson apartments near the intersection of Henderson and Ross Avenues.

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