Robbins Electra Acquires Second Atlanta Community
The company plans to carry out a multimillion-dollar renovation on the property.
Atlanta—Robbins Electra acquired Ashley Vista, located at 100 Camellia Lane in Lithonia, Ga., from Bridge Properties. This is the company’s second Atlanta acquisition, which will be rebranded as Belle Vista.
The 312-unit property features one-, two- and three-bedroom floorplans in 14 three-story buildings. Apartments range from 657 to 1,247 square feet, with monthly rents from $731 to $1,230, according to Yardi Matrix. Interior features include designer cabinetry, refinished countertops, upgraded black appliances, premium lighting and plumbing, faux wood plank flooring, washer/dryer connections, oversized closets, ceiling fans and private balcony/patios. Residents have access to amenities such as a fitness center, business center, tennis court, swimming pool, laundry facilities, clubhouse, summer kitchen with grilling stations, bark park with agility equipment, playground, soccer field, gazebo with green area, media room, resident activity center, detached garages, 600 parking spaces and outside storage.
Robbins Electra will carry out a multimillion-dollar property renovation at Belle Vista, upgrading apartment interiors and enhancing amenities. The company’s portfolio now includes three multifamily rental communities in the Atlanta area totaling 1,669 apartment units, including Landmark at Mountainview, which it already owned. Robbins Electra also has three more Atlanta communities under contract to close in the coming months.
“We are very excited about our latest Atlanta acquisition,” Joe Lubeck, CEO of Robbins Electra, told Multi-Housing News. “This was part of a privately negotiated multiple property portfolio transaction resulting in a favorable situation for both buyer and seller. We believe the continued job and population growth in Atlanta, and in this submarket specifically, will allow us to make significant improvements and raise rents accordingly over time. High speed Wi-Fi and 24/7 package concierge services will be among the cutting edge amenities to be implemented at this location.”
Image courtesy of Robbins Electra