Electra America, Robbins Property Associates Seal Merger
- Nov 07, 2016
North Palm Beach, Fla.—Electra America, a multifamily investment specialist focusing on properties in the Southeastern United States, has completed its merger with Robbins Property Associates, an owner-operator and apartment management company. The combined firm is called Robbins Electra, and is led by brothers Steven and Mitchell Robbins and Joseph Lubeck. The merger formalizes an existing joint venture relationship in place since early 2015.
The new entity owns and operates a large multifamily portfolio, totaling about 20,000 apartment units in 66 properties. The assets are in Florida, Texas, Georgia, North Carolina, Virginia and Maryland. Together, the company will continue to focus on the acquisition of value-add multifamily properties in the U.S. Southeast and Texas, while continuing to manage of the company’s portfolio.
The ventures’ most recent transactions include the acquisition of 12 multifamily residential properties in North Carolina and Virginia valued at more than $400 million. The company has added over $1.5 billion of new assets in the past 12 months, and expects to grow by a similar amount in 2017.
Electra America is the U.S. subsidiary of Electra Real Estate, a publicly traded enterprise on the Tel Aviv stock exchange and a global real estate firm. Robbins Property Associates was founded in 2009 by the Robbins brothers, Steve and Mitchell; the Robbins have a particular expertise in transforming distressed properties.
“We’ve had excellent synergies between our two companies over these past couple of years,” said Steven Robbins, “so formalizing a merger seemed an ideal way to consummate the relationship.”
“This is an ideal merger,” said Lubeck. “Both companies have experienced management teams with an excellent track record of successful operation, investment and value creation. Robbins brings deep expertise on the management side and a hands-on approach to creating places people call home.”