Robbins Electra Acquires Three Multifamily Communities in Jacksonville, Metro Atlanta for $78.4M

JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.