American Landmark Apartments has completed the first close of American Landmark Fund V, raising approximately $400 million in equity commitments, according to a press release shared with Multifamily Dive on Jan. 12. The firm will continue fundraising, targeting approximately $1 billion in total commitments.
The vehicle, American Landmark’s fifth closed-end value-add real estate fund, will focus on the acquisition, renovation and management of multifamily properties across the U.S. Sun Belt.
The fund will have buying power in excess of $3 billion and will target mid-priced, income-producing class A and class B market-rate assets throughout areas with high job and population growth.
“Through both the value-added strategy and fine-tuning of operations, we can grow NOI and provide appropriate returns to investors,” Joe Lubeck, CEO of American Landmark, told Multifamily Dive.
The firm is also beginning to see significant buying opportunities from distressed properties, Lubeck said.
“Over the last two years, we saw lots of distress, but primarily in the class C apartment category, which was not of interest,” Lubeck said. “We’re now seeing that there are some of these builders who are unable to stabilize or refinance without bringing cash to the table because their leverage was too high. As a result, we’re seeing opportunities to buy.”
American Landmark has already deployed capital from the fund with the acquisition of Vinoy at St. Johns, a 420-unit apartment community in Jacksonville, Florida, purchased in September 2025.
Lubeck said the first close of Fund V attracted strong demand from a diverse group of institutional and high-net-worth investors, including $15 million from a co-investor partner.
“From our perspective, what we were encouraged by is our first close of $400 million was largely from repeat institutional investors, which I think is very, very important,” Lubeck said. “It is indicative that other institutions and other analysts are seeing the same thing in the market that we are.”
American Landmark, which is celebrating its 30th year in business, ranked No. 34 on the 2025 National Multifamily Housing Council list of the top apartment owners in the country, with approximately 32,000 apartment units in its portfolio.
“We expect acquisitions from the 2022, 2023 and 2024 era to resolve themselves,” Lubeck said. “But, more importantly, the buying opportunity going forward for X number of years will be a return to normalcy or better.”
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