Robbins Electra, RSE Capital Expand Florida Portfolios
- Dec 15, 2016
Orlando, Fla.—RSE Capital and West Palm Beach, Fla.-based Robbins Electra (REM) recently purchased The Enclave at Lake Ellenor, a 296-unit Class B multifamily property in Orlando. The deal was financed through a 10-year Fannie Mae loan provided by Key Bank and is part of the joint venture’s strategy to invest $200 million in value-add assets in central and north Florida over the next year.
The community, located at 2100 W. Oak Ridge Road, was built in 1973 and features one-, two- and three-bedroom apartments, according to Yardi Matrix. Common amenities include a fitness center, business center, clubhouse, tennis court, two swimming pools, two laundry facilities and grade-level parking. Occupancy has been maintained at 96.6 percent in the past few months, while average monthly rent is $927, according to the Matrix report.
REM and RSE Capital recently purchased two other multifamily properties in the region, The Reserve at Mandarin and The Park at Regency, both in Jacksonville, totaling 679 units.
Real estate investment platform Fundrise recently launched RSE Capital Partners as a standalone company. Robbins Electra is the result of a merger between multifamily investment firm Electra America and multifamily owner-operator Robbins Property Associates, which closed in November.
Image courtesy of Yardi Matri