American Landmark Apartments has appointed Elizabeth Roy as chief investment officer, the Tampa, Florida-based firm said in a June 15 press release shared with Multifamily Dive. She brings more than two decades of experience to the role, with particular depth in multifamily and commercial real estate in the Sun Belt.
Roy told Multifamily Dive that she is joining the firm at what she believes is a favorable point in the development cycle, and she’s “energized about what's ahead.”
“American Landmark has built something rare — a fully integrated platform with real scale, deep Sunbelt roots, and a team that knows how to execute through cycles. I've spent my career on the capital markets and institutional side, and joining a platform with this kind of operational infrastructure is genuinely exciting,” Roy said in emailed comments.
Based out of the Palm Beach County office, Roy will lead investment strategy, capital deployment, acquisitions, risk management and portfolio management functions. As a member of the executive leadership team, she reports directly to CEO Joe Lubeck. In the release, Lubeck cited her “deep expertise across the full capital stack, combined with a proven track record of originating and closing complex transactions at scale.”
Over the course of her career, Roy has sourced, underwritten and closed more than $6 billion in transactions across all major property types, working with private equity funds, REITs, high-net-worth individuals and family offices, per the release. She has experience evaluating assets across acquisition, development and debt strategies.
In her CIO role, Roy will lead the firm’s investment and acquisitions teams; establish underwriting standards and governance frameworks; and work with capital markets leadership to deepen relationships with institutional investors, lenders and capital partners.
Sun Belt recalibration
Roy said American Landmark is focused on Sun Belt markets where supply is tightening. Many new deliveries that pressured rents over the past 18 months are being absorbed faster than headlines suggested, according to Roy, and the forward pipeline in the firm’s core markets is thinning considerably.
“That sets up a compelling rent growth environment going into 2026 and 2027. We want to be positioned ahead of that recovery — acquiring well-located assets at today's basis before the broader market reprices,” Roy said. “Vertically integrated operators like American Landmark are especially well-positioned right now because we can create value through operations, not just financial engineering. That's where I want to focus our capital.”
The narrative around multifamily has been more negative than the fundamentals warrant, according to Roy.
“Long-term demand drivers — migration, household formation, relative affordability versus homeownership — remain as strong as ever in our markets. We're in a moment of recalibration, not retreat,” Roy said.
Barriers are fewer than they were a year ago, and the trajectory is clearly improving, Roy said.
“Rate stabilization has given both buyers and sellers a more reliable framework to underwrite, and we're seeing meaningful pickup in transaction activity as a result,” Roy said. “The lingering challenge is seller price discovery — some owners are still calibrating to the new environment — but that process is largely playing out, and it's creating a window of opportunity for well-capitalized buyers who can move decisively.”
Most recently, Roy worked on the real estate investment management team at New York Life Investors. Before that, she originated and structured CMBS, agency and SASB loans at Morgan Stanley. She also built and led a floating-rate loan platform at Bancorp that originated and sold over $3 billion of CRE-CLO securitizations.
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