Robbins Electra Adds 3 New Assets to Southeast Portfolio
The company plans to make upgrades to the properties, which total 898 units located in Georgia and Florida.
Atlanta and Jacksonville, Fla.—National multifamily owner and operator Robbins Electra has announced the purchase of three multifamily properties located in Georgia and Florida.
Marbella Place, formerly known as Cameron Landing, is a 386-unit apartment community located at 3470 Mount Zion Road in Stockbridge, Ga. The property comprises one-, two- and three-bedroom units, featuring community amenities such as a clubhouse, pool, fitness center, business center, garages and gated entry. The company intends to invest nearly $2 million in upgrades to the property, with planned improvements to kitchens, floors and lighting, as well as the addition of a washer and dryer in every unit. At the time of the deal the asset was at 93 percent occupancy.
The Vue at Baymeadows, previously named Grand Isles at Baymeadows, is a 352-unit apartment community located at 8335 Freedom Crossing Trail in Jacksonville, Fla. Community amenities include a swimming pool, dog park, fitness center, business center and clubhouse. Robbins Electra intends to undergo a $2.2 million refurbishment to upgrade interiors with the addition of new lightning, washer and dryer to each unit and plumbing fixtures. Exterior improvements will include landscaping, clubhouse and pool renovation. The property is currently 96 percent occupied.
Palm Trace, formerly named Fountain Oaks, comprises 160 one- and two-bedroom units and offers community amenities such as a clubhouse, business center, swimming pool and dog park. The company plans to carry out an extensive renovation to improve plumbing fixtures and lightning, as well as improvements to kitchens and window treatments. The property located at 6870 103rd St., was 95 percent occupied at the time of the deal.
Images courtesy of Yardi Matrix