Robbins Electra, a multifamily owner/operator specializing in the Southeastern United States, has acquired a 408-unit apartment community in Charlotte, N.C. The property, currently known as Pavilion Crossing, will be rebranded as Grand Reserve at Pavilion.
Developed in 2003, Grand Reserve at Pavilion is at 1801 Willow Haven Lane and features one-, two- and three-bedroom units in three-story buildings. The property is currently 95 percent occupied, with average monthly rents of about $919.
Common amenities including a swimming pool, sports court, clubhouse, fitness center, soccer field, barbecue areas and fire-pit sitting areas. Robbins Electra plans $3.6 million property renovation, upgrading unit interiors by adding granite countertops, installing washers and dryers in all units, and updated lighting fixtures, as well as enhancing the community’s common amenities.
The deal represents is Robbins Electra’s eighth garden-style, value-add property acquisition so far 2017. The company now holds eight multifamily rental communities in Charlotte, totaling 2,100 units. Nationally, Robbins Electra’s portfolio includes more than 23,000 units.
Charlotte has a strong apartment market. Some 23,500 new units are currently planned or under construction, but even so, in its latest report on the market, CBRE predicts that vacancy will remain stable throughout 2017. Job growth and in-migration is keeping demand high.
“Occupancy in the multifamily sector remains strong, consistently averaging around 95 percent from 2012 to present,” CBRE noted. “Occupancy is expected to maintain, if not surpass, those figures… In the next two years, the total number of units absorbed will outpace the new supply.”