Elco Landmark Residential and Timbercreek Asset Management Joint Venture Acquires Multifamily Portfolio from Colonial Properties

  Elco Landmark Residential and Timbercreek Asset Management Joint Venture
  Acquires Multifamily Portfolio from Colonial Properties Trust

Business Wire

TAMPA, Fla. -- December 27, 2012

Today Elco Landmark Residential, a real estate investment firm that owns and
operates multifamily properties throughout the Southeastern United States,
announced that its private label partnership with Timbercreek Asset Management
acquired a portfolio of four multifamily properties (the “Portfolio”) from
Colonial Properties Trust (NYSE: CLP) for approximately $95.4 million. The
assets are located in Texas, North Carolina and Virginia and total 1,380
units. Collectively, the Portfolio is 95 percent occupied.

The Portfolio purchase marks the first transaction completed under Elco
Landmark and Timbercreek’s private label partnership, which is focused on
acquiring multifamily assets located in the Southeastern United States at an
advantageous price and significant discount to replacement cost.

“We are pleased to partner with Timbercreek to acquire four quality
multifamily assets that offer considerable unrealized cash flow potential,”
said Joseph Lubeck, CEO of Elco Landmark Residential. “Elco Landmark has an
impressive history of unlocking embedded value by implementing our proven
renovation and repositioning strategy. We believe the Colonial portfolio is a
prime investment opportunity as we continue to identify assets in high-growth
Southeastern markets.”

The four properties in the Portfolio include:

  *Colonial Village at Canyon Hills, a 229-unit property built in 1995 and
    located in Austin, TX;
  *Colonial Village at Highland Hills, a 250-unit property built in 1987 and
    located in Chapel Hill, NC; Heatherwood Apartment Homes, a 476-unit
    property completed in 1980 and located in Charlotte, NC; and
  *Autumn Hill Apartments, a 425-unit property built in 1980 and located in
    Charlottesville, VA.

Elco Landmark plans to rebrand each property and implement a 10 month
renovation and repositioning program to improve each property’s physical
structure and aesthetics. Planned upgrades include new signage, remodeled
clubhouses and model units, dog park additions, café additions, Wi-Fi and
business center additions, new interior lighting packages, new cabinet doors
and hardware, new vinyl flooring in kitchens and baths, and new appliances and
carpeting.

The Portfolio purchase comes shortly after Elco Landmark announced the
acquisition of four properties from Equity Residential (NYSE: EQR) for
approximately $100 million earlier this month. In August, Elco Landmark
completed a $536.5 million recapitalization transaction with Apartment Trust
of America that consisted of the contribution of a portfolio of 21 apartment
communities, valued at $485 million and containing approximately 6,100
apartment units. In conjunction with the transaction, Apartment Trust of
America changed its name to Landmark Apartment Trust of America, where Elco
Landmark’s Joseph Lubeck currently serves as Executive Chairman.

About Elco Landmark Residential:

Elco Landmark Residential is a real estate investment firm that owns interests
in and operates 49 multifamily properties containing 15,175 units located
throughout the Southeastern United States. The company aims to unlock hidden
value and unrealized cash flow through the below market acquisition and
repositioning of mid-income multifamily properties in the South, where the
management team has proven expertise and a competitive advantage. Elco
Landmark Residential is headquartered in Tampa, FL and is a member of The ELCO
Holdings family of companies. For additional information please visit the
company website at http://www.landmarkresidential.com/index.asp.

About Timbercreek Asset Management:

Timbercreek is a specialized investment manager focused on real estate and
other alternative asset classes. Timbercreek has a value oriented investment
philosophy with an active management style, and specializes in providing
conservatively managed, risk adverse investment opportunities. Timbercreek
currently manages approximately $3 billion in assets through its various
private and public funds, predominately focused on the real estate sector.

Contact:

ICR for Elco Landmark Residential
Jason Chudoba, 646-277-1249
Jason.chudoba@icrinc.com
 
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