JACKSONVILLE, FL – Robbins Electra, a national multifamily owner-operator with a large portfolio of apartment communities across the Southeastern U.S, has announced the acquisitions of three multifamily properties in Georgia and Florida: Marbella Place, located in Stockbridge, Ga.; Vue at Baymeadows, located in Jacksonville, Fla.; and Palm Trace, located in Jacksonville, Fla. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.
“Our investment team continues to pursue strategic value-add investments in the southeastern U.S., where job and population growth supports attractive risk-adjusted returns in the multifamily space,” said Joe Lubeck, CEO of Robbins Electra. “These three acquisitions exemplify this approach, with which we have had a 25-year track record of success.”
Marbella Place (formerly known as Cameron Landing) is a 368-unit apartment community located in the Atlanta suburbs composed of one-, two- and three-bedroom apartments with average monthly rents of approximately $831. Community amenities include a clubhouse, pool, fitness center, business center, garages and gated entry. Robbins Electra will invest just under $2 million in upgrades to the property, including renovations to kitchens, floors and lighting, and the addition of a washer and dryer in every unit. The property is located at 3470 Mount Zion Road and is currently 93% occupied.
The Vue at Baymeadows (formerly known as Grand Isles at Baymeadows) is a 352-unit apartment complex located in Jacksonville composed of one- and two-bedroom apartments with average monthly rents of approximately $779. Located at 8335 Freedom Crossing Trail, the community amenities include a swimming pool, dog park, fitness center, business center and clubhouse. The property will undergo a $2.2 million renovation to upgrade interiors, including new lighting and plumbing fixtures, and the addition of a washer and dryer to each unit. Exterior enhancements will include landscaping, clubhouse and pool area upgrades, as well as plank flooring in common areas. The property is currently 96% occupied.
Palm Trace (formerly known as Fountain Oaks), a 160-unit apartment complex located in Jacksonville, is made up of one- and two-bedroom apartments with average monthly rents of $700. Amenities include a clubhouse, business center, swimming pool and dog park. Robbins Electra will carry out a property renovation to improve plumbing fixtures and lighting, along with enhancements to kitchens and window treatments. Located at 6870 103rd Street, the community is currently 95% occupied.
Robbins Electra 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.