Electra America Acquires 2nd NC Community
- Jun 22, 2017
Electra America acquired The Flats on 401, an apartment community in Raleigh, N.C. The property will be rebranded as Level at 401 and undergo $1.5 million in upgrades. This acquisition marks Electra’s second North Carolina purchase this year.
“Apartment demand in Raleigh is strong thanks to job and population growth,” said Joe Lubeck, CEO of Electra America. “Our pet-friendly, reasonably priced apartment communities cater to working professionals—police officers, nurses, and office workers. By modernizing these properties, and providing outstanding customer service, I believe we are serving a niche in the market where demand definitely outstrips supply.”
Located at 5721 Goodstone Drive, the community will feature 300 units comprising studio, one- and two-bedroom floorplans, ranging from 636 to 1,324 square feet across three, four-story buildings. Apartment features include nine-foot ceilings, oversized closets, ceiling fans, balconies and washer/dryers. Residents have access to amenities such as a resort-style pool, business center, gourmet coffee bar, outside storage, a fitness center, spin room, courtyard gardens, a clubhouse, outdoor fireplace and cabanas. The property is also pet-friendly, includes 476 parking spaces and according to Yardi Matrix, is currently 94.7 percent occupied.
The company plans on making upgrades to both the apartments and common areas. Renovations will include the addition of granite countertops in each unit, plank flooring in the common areas and remodeling the clubhouse, pool deck and fitness center.
“Today’s career-minded professionals value job portability over building home equity, so our business strategy is to focus on cities where there is significant job growth, and Raleigh is one of them,” Lubeck told Multi-Housing News. “Once we make an investment, we follow a very consistent, comprehensive renovation and repositioning program to boost lease up and make the communities more attractive and competitive—that includes putting a great management team on site to deliver exceptional customer service. Level at 401 is going to be one of the most desirable apartment communities in Raleigh.”
With this acquisition, Electra now owns five garden-style multifamily communities in the Raleigh area, totaling over 1,500 units. HFF marketed the property for the sellers, a local partnership. The HFF investment sales team was led by Managing Directors Jeff Glenn and Justin Good, as well as Director Allan Lynch.
Image courtesy of Electra America