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Mallard Creek Pool

American Landmark Acquires Charlotte Apartments for $126M

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The two adjacent properties will be rebranded as one.

Phillips Mallard Creek. Image courtesy of Capstone Nearing the year end, the Charlotte, N.C., metro has seen one of its largest multifamily sales in 2021. American Landmark has acquired two adjacent communities totaling 503 units from Phillips Development & Realty for nearly $125.8 million. Capstone’s Jad Richa, Alex McDermott, Caleb Troop and Rhodes Marley represented the seller.

The two communities, Phillips Mallard Creek and Villas at Mallard Creek, have been operated as two phases of one asset. The communities, which were approximately 98 percent occupied at the time of closing, also shared management and amenities.

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