SAN ANTONIO, TX - Electra America and its management affiliate, Robbins Electra, announced the acquisition of Firewheel Apartments, a 366-unit apartment community located in San Antonio, Texas.
This is the firm’s second San Antonio multifamily acquisition so far this year – it acquired Pecan Springs, a 344-unit, garden-style multifamily community, just two months ago. With this acquisition, Electra America now owns six multifamily communities in San Antonio, and over 60 properties in Texas, Florida, Georgia, and North Carolina. Electra’s portfolio contains approximately 23,000 apartment units totaling over $3 billion in value.
“San Antonio’s job growth is outpacing other metro areas in Texas, and the demand for workforce housing is expected to remain strong,” said Joe Lubeck, CEO, Electra America. “With this acquisition, we will be able to provide the city’s residents with a valuable product – high-quality apartments, with a range of contemporary, modern lifestyle-focused amenities – at a price that is attainable.”
Electra America will carry out approximately $1 million in improvements at Firewheel, including interior renovations and amenity enhancements.
Built in 2014, Firewheel features one-, two-, and three-bedroom units throughout numerous three-story buildings. Units offer stylish details such as granite countertops, black appliances, walk-in closets, and full-size washers and dryers. The pet friendly community also features a pool with Baja shelf, outdoor grills, a pet park, a 24-hour fitness studio, a clubhouse with gaming lounge and coffee/espresso bar, and a business center. Covered parking and attached/detached garages are also available.
Located at 6155 Eckhert Road, in San Antonio’s North Hampton neighborhood, Firewheel is ideally surrounded by major employers, hospitals, universities, and transit routes, including University Hospital/University Health System, USAA, and Methodist Hospital. San Antonio International Airport and Downtown San Antonio are just 20 minutes away from the community, offering convenience and access for residents.
The property was acquired from HPI Residential, a full-service commercial real estate company based in central Texas. Berkadia’s South Florida team arranged the financing on behalf of Electra America.
Electra America is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, North Carolina, and Texas.