Robbins/Electra Adds Fourth Property to Jacksonville Portfolio

The company plans to invest $2.6 million to renovate the community’s interior units, clubhouse and fitness center.
The Glades

The Glades

Jacksonville, Fla.Electra America and partners Robbins Property Associates and Spoke Real Estate Capital, have acquired The Glades in Jacksonville, Fla., marking the company’s 28th multifamily property acquisition in the past 12 months.

The property, financed through Berkeley Point Capital, was acquired from Jackson Square Properties for an undisclosed amount. The property was 97 percent occupied at the time of the sale.

“The acquisition of Glades Apartments demonstrates our confidence in job and economic growth in Jacksonville and specifically in the Southside submarket,” said Joe Lubeck, CEO of Electra America & a partner in Robbins. “We will immediately implement a full upgrade of all apartments, amenities and services, and the property will be renamed Pointe Parc at St. Johns.”

The Glades is located at 7524 Southside Blvd. and offers one- and two-bedroom floor plans ranging in size from 550 to 1,070 square feet, with monthly rents between $762 and $1,069. Common area amenities include a fitness center, business center, clubhouse, basketball court, two swimming pools and grade-level parking. Unit amenities include washers and dryers in all units, vaulted ceilings, private balconies and patios and outside storage.

Image courtesy of Electra America