Orlando, Fla.—Robbins Electra recently announced the acquisition of the 296-unit apartment community Lake Ellenor, for $26 million. Cushman & Wakefield negotiated the sale on behalf of the seller, Timbercreek Asset Management. The buyer plans to rebrand the asset as Enclave at Lake Ellenor. The community is now part of a portfolio of more than 21,000 units managed by Robbins Electra. The firm has completed more than $1 billion in acquisitio and this investment represents the company’s 30th multifamily property purchase in the past 12 months. Other recent acquisitions include the September purchase of The Glades in Jacksonville, Fla., and Vantage at Alamo Ranch in San Antonio.
Located at 2100 West Oak Ridge Road, Enclave at Lake Ellenor is a 247,024-square-foot community just south of downtown Orlando and close to amusement parks, shopping malls and dining destinations. The property consists of one-, two- and three-bedroom units in 31 two-story buildings, with average monthly rents of approximately $900. Residents benefit from a fitness center, business center, tennis court, two swimming pools and 600 parking spaces. According to Yardi Matrix data, the 1973-built community was last sold for $18.5 million in 2013. Ath the time of sale, the property was 98 percent occupied.
“The Robbins Electra investment in Lake Ellenor is yet another signal of our long-term faith in the Orlando market and another step in our plan to grow the company in solid markets throughout the south. Enclave at Lake Ellenor will be fully renovated and provide great amenities and living environments for working people in Orlando,” said Joe Lubeck, CEO of Robbins Electra, in a prepared statement.
As part of its value-add repositioning plan, Robbins Electra is planning to implement upgrades to the community’s interiors and amenities, including a summer kitchen, pool furniture and dog park.
Robbins Electra is the result of the recent merger between Electra America and Robbins Property Associates.
Images courtesy of Yardi Matrix