Robbins Electra Closes Third Atlanta Purchase
The company purchased Oakley Park, a 240-unit residential community for $28.4 million, considerably more than when it last changed hands in 2014.
Robbins Electra has recently acquired Oakley Park, an apartment community located in Fairburn, Ga. Bridge Investment Group Partners sold the 240-unit property for $28.4 million, according to data provider Yardi Matrix.
Located at 5474 Oakley Industrial Blvd., the 10-building community offers controlled access, fitness center, business center, clubhouse, playground, swimming pool and 408 parking stalls. The community’s unit mix consists of one-, two- and three-bedroom floor plans ranging in size from 643 to 1,252 square feet. At the time of the deal, the residential property was at 95 percent occupancy. The community is located on the edge of Atlanta’s cityscape, within walking distance from dining, entertainment and shopping destinations.
Robbins Electra intends to invest about $1.8 million in improvements by adding granite countertops, upgraded appliances, plank flooring in common areas and amenity upgrades. Additionally, the multifamily community will also be rebranded as The Parke at Oakley. As Yardi Matrix data shows, the property was sold by Mesa Capital Partners back in 2014 for $20.7 million.
During the first quarter of 2017, Robbins Electra purchased two more Atlanta-area properties, Marbella Place in Stockbridge, Ga., and Belle Vista in Lithonia, Ga.
Image courtesy of Yardi Matrix