Robbins Electra Lands Eighth Charlotte Property
- May 04, 2017
Robbins Electra, a multifamily company in southeastern U.S., purchased Pavilion Crossings in Charlotte, N.C. The 408-unit apartment community will be known as Grand Reserve at Pavilion. The price of the transaction was not disclosed, but according to Yardi Matrix data, the property last traded in 2014 for $41.5 million, when Utah-based Bridge Investment Group Partners purchased it from Fairfield Residential.
Located at 1801 Willow Haven Lane, the property is less than 2 miles from the junction between Interstates 85 and 485. Built in two phases, in 2000 and 2003, Pavilion Crossings features 150 one-, 192 two- and 66 three-bedroom units. The three-story, 17-building property includes a business center, clubhouse, tennis court, playground, swimming pool and 652 parking spaces. Robbins Electra will carry out a $3.6 million property renovation, which will include interior and common area upgrades.
The company’s national portfolio includes more than 23,000 apartments totaling approximately $2.5 billion in value. In March, Robbins Electra acquired Ashley Vista, a 312-unit community in Lithonia, Ga., and also added new assets to its southeast portfolio by purchasing three multifamily properties in Georgia and Florida.
Image courtesy of Yardi Matrix