Latest acquisitions bring the company’s apartment portfolio up to 2,514 units in Georgia
ATLANTA (June 1, 2017) – Robbins Electra, a national multifamily owner-operator with a large portfolio of apartment communities across the Southeastern U.S, has announced the acquisitions of two multifamily properties in Georgia: Parc at 1695, located in Norcross, Ga.; and Parc Shores, located in Duluth, Ga.
With these two acquisitions, Robbins Electra now holds five multifamily rental communities in Georgia, totaling 2,514 apartment units. Nationally, Robbins Electra’s portfolio includes over 23,000 apartment units totaling over $2.5 billion in value.
“We are pleased to announce these two acquisitions in furtherance of our plan to expand our presence throughout Georgia,” said Joe Lubeck, CEO of Robbins Electra.
“We are aggressively but selectively locating and acquiring attractive value-add multifamily opportunities, which are becoming increasingly scarce, throughout the southeast and Texas. We continue to meet our goals of providing great living environments to residents, great returns to our investors, and growing opportunities for our team members.”
Parc at 1695 (formerly known as Champions Park) is a 252-unit apartment complex located in the bustling city of Norcross composed of one- and two-bedroom apartments with average monthly rents of approximately $854. Located at 1695 Graves Road, the community amenities include a swimming pool, fitness center, clubhouse, media room dog park and soccer field.
The property will undergo a $1.8 million renovation to upgrade interiors, including upgrades such as new appliances, plank flooring, new lighting and plumbing fixtures, washer and dryer in units, as well as enhancements to community amenities and common areas. The property is currently 95% occupied.
Parc Shores (formerly known as Falls at Gwinnett) is a 520-unit apartment community located in the diverse and growing city of Duluth composed of one- and two-bedroom apartments with average monthly rents of approximately $827. Community amenities include a clubhouse, two swimming pools, two soccer fields and a sport court.
Robbins Electra will invest $3.6 million in upgrades to the property to include upgrades, such as black appliances, new cabinets, new lighting and plumbing fixtures, plank flooring, washers and dryers, and amenity enhancements. The property is located at 3925 Satellite Blvd., and is currently 95% occupied.
For more information on the Parc at 1695 and Parc Shores acquisitions or Robbins Electra, please visit RobbinsElectra.com.