Elco Ponies Up $100M For 4 Fla. Apartment Complexes

Law360, New York (December 13, 2012, 9:16 PM EST) -- Southeastern regional real estate investor Elco Landmark Residential has plunked down $100 million to buy four multifamily Florida properties from Equity Residential, further proof that some of the hardest-hit housing markets are now the most attractive investor targets.

The purchase supports Elco Landmark's residential investment strategy of picking up apartment complexes in good neighborhoods on the cheap, then putting money into rebranding campaigns and structural upgrades that “unlock hidden value,” according to a statement from the Tampa, Fla.-based investor.

“Each asset is located in a core...
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