Multifamily investment firm plans additional acquisitions by year end
Electra America, one of the fastest-growing multifamily owner-operators in the U.S., along with its management affiliate Robbins Electra, have added over 5,000 new apartments to its multifamily portfolio since the start of 2017, for a total investment of $638 million. Electra’s portfolio now includes more than 22,500 apartment units totaling over $2.5 billion in value.
So far during 2017, the companies have acquired 15 multifamily communities – primarily garden-style, value-add properties in high job-growth regions in the southeastern U.S. – comprising 5,160 apartments.
Electra America plans to acquire several more multifamily communities by year end, boosting its portfolio by another 1,500 units.
“As the demand for apartments in growing southeastern cities such as Orlando and Raleigh is expected to remain strong for at least the next decade, we will continue to acquire and substantially renovate garden-style communities with desirable lifestyle features and amenities,” said Electra CEO Joseph Lubeck. “Our goal continues to be to deliver outstanding living environments for our residents and attractive, risk-adjusted returns for our investors.”
Electra America/Robbins Electra acquisitions in 2017 to date are listed below according to geography.
Georgia (Atlanta Metro Area)
- The Parke at Oakley, a 240-unit apartment community in Fairburn, Ga.
- Belle Vista, a 312-unit apartment community in Lithonia, Ga.
- Marbella Place, a 368-unit apartment community in Stockbridge, Ga.
- Parc at 1695, a 252-unit apartment complex in Norcross, Ga.
- Parc Shores, a 520-unit apartment community in Duluth, Ga.
North Carolina (Charlotte and Raleigh)
- Grand Reserve at Pavilion, a 408-unit apartment community in Charlotte, NC.
- Level at 401, a 300-unit apartment community in Raleigh, NC.
North Florida (Tampa, Orlando and Jacksonville)
- Landings at Lake Gray, a 300-unit apartment complex in Jacksonville, Fla.
- Vue at Baymeadows, a 352-unit apartment complex in Jacksonville, Fla.
- Palm Trace, a 160-unit apartment complex in Jacksonville, Fla.
- Northgreen at Carrollwood, a 438-unit multifamily community in Tampa, Fla.
- The Parkland at Orange Park, a 358-unit community in Orange Park, Fla.
- Reserve at Lake Irene 384-unit apartment community in Orlando, Fla.
- Lago Paradiso, a 424-unit apartment community in Miami, Fla.
- Pecan Springs, a 344-unit apartment community in San Antonio, Texas.
ABOUT ELECTRA AMERICA Electra America is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia. The company is committed to delivering great service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members. For more information, visit http://www.electraamerica.com/