CHARLOTTE, NC – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has purchased a 408-unit apartment community in Charlotte, NC. The asset, currently known as Pavilion Crossing, will be rebranded as Grand Reserve at Pavilion.
This is Robbins Electra’s eighth garden-style, value-add property acquisition in 2017. The company now holds eight multifamily rental communities in Charlotte, totaling 2,100 apartment units. Nationally, Robbins Electra’s portfolio includes more than 23,000 apartment units totaling over $2.5 billion in value.
“We are pleased and excited to add Grand Reserve at Pavilion to our Charlotte portfolio, which now includes eight sizable properties,” said Joe Lubeck, CEO of Robbins Electra. “It is well built, well located and acquired advantageously. Our plans will include a dramatic and comprehensive renovation that we know the residents will love.”
Constructed in 2003, Grand Reserve at Pavilion is located at 1801 Willow Haven Lane and features one-, two- and three-bedroom units in three-story, garden-style buildings. The community offers resort-style amenities including a swimming pool, sports court, clubhouse, fitness center, soccer field, BBQ areas, fire pit sitting areas, among others. The property is currently 95% occupied, with average monthly rents of approximately $919.
Robbins Electra will carry out a $3.6 million property renovation, upgrading apartment interiors by including granite countertops, washer and dryer in all units, black appliances, plank flooring in common areas, updated lighting fixtures and enhancing the community’s amenities.