ATLANTA, GA – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has announced the acquisition of Ashley Vista, a 312-unit apartment community in Lithonia, Ga. The company acquired the asset from Bridge Properties, and intends to renovate and rebrand it as “Belle Vista.”
This is Robbins Electra’s second multifamily acquisition so far this year in Atlanta (earlier this month the company acquired Marbella Place in Stockbridge), and it has three more Atlanta multifamily communities under contract to close in coming months.
“Atlanta’s strong job market and continued population growth have created healthy demand for apartments, particularly in the ‘middle-market’ space where Robbins Electra operates,” said Joe Lubeck, CEO of Robbins Electra. “Our multifamily properties cater to professionals and working families who aren’t quite ready for home ownership, but still want to live in nice, reasonably priced communities with plenty of conveniences and amenities.”
Robbins Electra’s portfolio now includes three multifamily rental communities in the Atlanta area, totaling 1,669 apartment units, including Landmark at Mountainview (Stone Mountain, GA), which it already owned. Robbins Electra’s national portfolio includes more than 22,700 apartment units totaling over $2.5 billion in value.
According to the Atlanta Regional Commission, the region’s population has rapidly grown and added 69,200 new residents from 2015 to 2016, making it to the largest single-year population increase since the Great Recession. The city has also experienced strong employment growth by adding 77,000 jobs in 2016.
Robbins Electra will carry out a multimillion dollar property renovation at Belle Vista, upgrading apartment interiors and enhancing the community’s amenities.
Located at 100 Camellia Lane, Belle Vista features one-, two- and three-bedroom apartments in three-story buildings, and offers resort-style amenities including a swimming pool, soccer field, business center, clubhouse, movie room, fitness center, barbecue areas and dog park. The community is set among beautifully landscaped grounds and is conveniently located near DeKalb Medical Center, I-20 and downtown Atlanta. The property is currently 91% occupied with average monthly rents of approximately $940.