MacKenzie Offers $5.10 Per Share of Landmark Apartment Trust

MacKenzie Realty Capital Inc. has made a tender offer for 1.3 million shares of Landmark Apartment Trust Inc. at $5.10 per share. The company and its affiliates currently beneficially own 253,537.96 shares, or 0.98 percent of the outstanding shares.

The 1.3 million shares subject to the offer constitute 5.04 percent of the outstanding shares. Consummation of the offer, if all shares sought are tendered, would require payment by MacKenzie of up to $6.63 million in aggregate purchase price, which they intend to fund out of their current working capital.

Launched in 2006 as NNN Apartment REIT, original Landmark stockholders paid $10 per share of the non-traded REIT. In May, the company announced its intent to list its stock on the New York Stock Exchange under the ticker symbol “LAT.” No listing date has been provided thus far.

Earlier this year, MacKenzie paid a special dividend to its investors that resulted largely from the sale of Apple Hospitality REIT (NYSE: APLE) stock acquired by MacKenzie via a tender offer prior to the listing of the formerly non-traded REIT’s shares on the New York Stock Exchange on May 18.

Landmark Apartment Trust is a multifamily REIT with assets located in select metropolitan areas throughout the Southern United States. The company owns or has an ownership position in approximately 26,000 apartment units and provides management services for an additional 1,700 units owned by affiliates.

MacKenzie Capital Management, LP, a real estate investment management business based in Moraga, CA, has specialized in the area of discounted real estate securities and asset management since its formation in 1982.

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