Electra America Expands in Tampa
The company acquired Avery Place, a 264-unit community that will be rebranded as The Avana and will receive capital improvements worth $2.5 million.
By D.C. Stribling
Electra America has acquired Landmark at Avery Place, a 264-unit apartment community located in Tampa, Fla. The company’s management affiliate Robbins Electra is taking over management of the property.
The community, formerly managed by Milestone, will be rebranded as The Avana, and will receive capital improvements, including interior renovations and amenity upgrades, worth $2.5 million. Berkadia’s South Florida team secured the financing for the deal on behalf of Electra America.
Located at 11500 North Dale Mabry Highway in Tampa’s Carrollwood neighborhood, The Avana includes one- and two-bedroom apartments in several two-story buildings. Common amenities include a swimming pool, dog park, business center, 24-hour fitness center, clubhouse, and a trail for biking, jogging and hiking, as well as on-site management and maintenance.
Strong Growth Forecast for Tampa
“As the financial services capital of Florida, Tampa is well-positioned for above-average job growth and population growth, making this an opportune time for us to expand our multifamily holdings in the metro area,” said Joe Lubeck, Electra America CEO. “We anticipate steady demand for high-quality apartments for professionals, students and families.”
With this acquisition, Electra America now owns seven multifamily communities in the Tampa metro area. Nationally, the company’s portfolio includes 23,000 apartment units.
