Newly-merged Southeast multifamily owner-operator Robbins Electra has acquired three new multifamily properties in Georgia and Florida: Marbella Place in Stockbridge, Ga. and Palm Trace and The Vue at Baymeadows in Jacksonville, Fla. These low-rise communities add 880 units to Robbins Electra’s existing Southeast and Texas multifamily portfolio, which now encompasses more than 22,400 units valued at over $2.5 billion.
Marbella Place, formerly Cameron Landing, includes 368 one-, two-, or three-bedroom units with an average monthly rent of $831. Existing amenities include a clubhouse, pool, fitness center, business facilities, parking garage and gated entry. Robbins Electra’s $2 million value-add plan will include kitchen, floor, and lighting upgrades, and in-suite laundry for all units.
The Vue at Baymeadows, formerly Grand Isles at Baymeadows, is a 352-unit complex of one- and two-family apartments with an average monthly rent of $779. Amenities include a pool, dog park, and fitness and business amenities. The community’s $2.2 million renovation plan includes interior and exterior upgrades, including new landscaping, in-suite laundry, and new lighting and plumbing.
Palm Trace, formerly Fountain Oaks, contains 160 one- and two-bedroom units with an average month rent of $700. Current amenities include a clubhouse, business center, dog park and swimming pool, and Robbins Electra intends to upgrade the community’s plumbing, lighting, kitchens, and window treatments.
“Our investment team continues to pursue strategic value-add investments in the southeastern U.S., where job and population growth supports attractive risk-adjusted returns in the multifamily space,” said Joe Lubeck, CEO of Robbins Electra, in a statement. “These three acquisitions exemplify this approach, with which we have had a 25-year track record of success.”
