WEST PALM BEACH, FL – Electra America, a private equity real estate firm specializing in the multifamily sector, announced today that it closed its 2017 Multifamily Fund with $212 million from foreign institutions and high-net worth investors. The fund, dedicated to acquiring and repositioning value-add multifamily assets in flourishing “Sun Belt” cities, comprises over 7,000 apartment units in four states: Georgia, Florida, North Carolina, and Texas.
The company also announced the launch of its 2018 Multifamily Fund with a target of $300 million. Electra expects to complete $1.5 billion in multifamily acquisitions in 2018.
Electra America is the debt and equity partner to American Landmark, which operates over 23,000 apartment units across the U.S. southeast.
“With demand for apartments expected to exceed supply for the coming decade, we continue to see great opportunity and excellent returns in the multifamily sector,” said Joseph Lubeck, CEO of Electra America and American Landmark. “We’ve received tremendous interest from foreign institutions and high-net-worth investors, who recognize our competitive advantage: a 30-year track record in multifamily repositioning, unparalleled access to off-market properties, and a strategic geographic focus. Fund 2017 is outperforming projections and we anticipate our 2018 Fund will provide equally attractive, risk-adjusted returns to investors.”
Electra’s principals are also substantial and material investors in each of the funds.
An expert in value-add and distressed real estate repositioning, Lubeck and his partners have bought and sold over 100,000 apartment units, valued at over $8 billion, since 1996.
Properties in Electra’s 2017 Multifamily Fund are:
Georgia
The Parke at Oakley, a 240-unit apartment community in Fairburn, Ga.
Belle Vista, a 312-unit apartment community in Lithonia, Ga.
Marbella Place, a 368-unit apartment community in Stockbridge, Ga.
Parc at 1695, a 252-unit apartment complex in Norcross, Ga.
Parc Shores, a 520-unit apartment community in Duluth, Ga.
Parc at 980, 586-unit apartment community in Lawrenceville, Ga.
North Carolina
Grand Reserve at Pavilion, a 408-unit apartment community in Charlotte, NC.
Level at 401, a 300-unit apartment community in Raleigh, NC.
Florida
Landings at Lake Gray, a 300-unit apartment complex in Jacksonville, Fla.
Vue at Baymeadows, a 352-unit apartment complex in Jacksonville, Fla.
Palm Trace, a 160-unit apartment complex in Jacksonville, Fla.
Northgreen at Carrollwood, a 438-unit multifamily community in Tampa, Fla.
Reserve at Lake Irene 384-unit apartment community in Orlando, Fla.
The Avenue, a 522-unit apartment community located in Orlando, Fla.
The Avana, a 264-unit apartment community located in Tampa, Fla.
Lago Paradiso, a 424-unit apartment community in Miami, Fla.
Texas
Pecan Springs, a 344-unit apartment community in San Antonio, Texas.
Firewheel, a 366-unit apartment community located in San Antonio, Texas.
ABOUT ELECTRA AMERICA
Electra America is the U.S. subsidiary of Electra Real Estate (ERE), a publicly traded enterprise on the Tel Aviv stock exchange and a global real estate firm focused on the commercial property sector. In addition to multifamily communities, ERE’s holdings include office buildings, retail, logistics centers and hotels. For more information, visit http://www.electraamerica.com/.
ABOUT AMERICAN LANDMARK
American Landmark Management is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates apartment properties in Georgia, Florida, North Carolina and Texas. The company is committed to delivering great service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members. For more information, visit http://www.alapts.com/.