MIAMI, FL – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has announced the acquisition of Broadwater at the Hammocks, a 424-unit apartment community in Miami, Fla. The company intends to renovate and rebrand it as “Lago Paradiso.”
This acquisition in Miami increases the company’s Florida presence to 31 properties with approximately 9,000 total units. Nationally, Robbins Electra’s portfolio includes over 23,000 apartment units totaling over $2.5 billion in value.
“The acquisition of Lago Paradiso demonstrates our confidence in Miami’s strong job market and continued population growth,” said Joe Lubeck, CEO of Robbins Electra. “The conditions of the market have created a healthy demand for apartments. We plan on upgrading the apartments’ interiors as well as the community amenities, ensuring that it remains a welcoming, reasonably priced community for professionals and working families.”
According to the U.S. Census Bureau, Miami-Dade is the most populous county in Florida with a population of 2.69 million, rising by 7.8 percent in the past five years. The county has also experienced strong employment growth, with the adjusted unemployment rate falling to 5 percent in April.
Robbins Electra will carry out a multimillion-dollar property renovation at Lago Paradiso, upgrading apartment interiors and enhancing the community’s amenities. Located at 15000 SW 104th Street, Lago Paradiso features one- and two-bedroom apartments in two-story buildings, and offers resort-style amenities including two swimming pools, a fitness center, a jogging trail, a sand volleyball court, and an indoor racquetball court.
The community is conveniently located near the Florida Turnpike, the Palmetto Expressway, as well as Miami International Airport and Miami Executive Airport. Within walking distance, residents can also take advantage of nearby shopping centers, fine restaurants, entertainment, and a public library. The property is currently 98% occupied with average monthly rents of approximately $1,218.