ATLANTA, GA – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S., has announced its third Atlanta-area acquisition in 2017:  Oakley Park, a 240-unit apartment community located in Fairburn, Ga. It will be renovated and rebranded as “The Parke at Oakley.” 

During the first quarter of 2017, Robbins Electra bought two other Atlanta-area properties, Marbella Place in Stockbridge and Bella Vista in Lithonia. It has plans to buy two more multifamily communities in the Atlanta metro area in the months ahead, bringing Atlanta holdings to over 2,500 apartments.  

Robbins Electra’s national portfolio consists of over 23,000 apartments totaling over $2.5 billion in value.

“There is strong demand from renters for garden-style apartments in suburban Atlanta,” said Joe Lubeck, CEO of Robbins Electra. “The Parke at Oakley offers residents the kind of space, comfort and amenities that they would not be able to afford elsewhere. We look forward to expanding our presence throughout Atlanta and announcing additional acquisitions later this year.”

The Parke at Oakley features one-, two- and three-bedroom units in three-tale garden-style buildings, with average monthly rents of approximately $900. The community is designed to accommodate any lifestyle with its five-star amenities, including a resort-style swimming pool, clubhouse, business center, fitness center, and dog park.

Located at 5474 Oakley Industrial Blvd., the community is set on the edge of Atlanta’s cityscape and close to dining, entertainment and shopping destinations. The property is currently 94% occupied.

As part of its value-add initiative, Robbins Electra plans to implement improvements to the community’s interior and exterior by adding granite countertops, upgraded appliances, plank flooring in common areas, and amenity upgrades.

Robbins Electra is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia. 

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ATLANTA, GA – A recent and unanimous approval by the Atlanta City Council of the final $40 million of the Housing Opportunity Bond activates an affordable housing collaboration amongst formidable forces—The Atlanta Housing Authority (AHA), the City of Atlanta and Invest Atlanta.

The approval to issue $40 million in Housing Opportunity Bonds (HOB) will help to fund vital initiatives including homeowner renovations, multifamily developer loans, down payment help, nonprofit development loans and land assemblage for affordable and workforce housing development.

“The 2017 housing opportunity bond program is especially vital as it directly addresses the crisis-level, shrinking affordable housing inventory and options for Atlanta’s working families,” states Catherine Buell, president and CEO of Atlanta Housing Authority. “Leveraging the unique capabilities of AHA to facilitate this transaction made the choice to support a no-brainer.”

The Atlanta Housing Authority’s Atlanta Housing Opportunity Inc., a designated housing corporation and borrower of the funds, serves as the program manager and will contract with Invest Atlanta for program implementation. The City of Atlanta will make the debt service payments on the bonds.

The bond issue is scheduled to close in May and funds will be available early summer.

The Housing Authority of the City of Atlanta, Georgia (AHA) is the largest housing authority in Georgia and one of the largest in the nation. AHA provides and facilitates affordable housing resources for nearly 22,000 low-income households comprised of approximately 50,000 people.

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WILLIAMSBURG, VA – Preferred Apartment Communities announced the acquisition of Founders Village, a newly-constructed 247-unit Class A multifamily community in Williamsburg, Virginia.

“The opportunity to buy this well-located and attractive community came through a real estate loan investment that PAC made for the development of the community over three years ago,” said Jeff Sherman, PAC’s Executive Vice President and Director of Multifamily Investments. 

Leonard A. Silverstein, PAC’s President and Chief Operating Officer added, “The acquisition of Founders Village further demonstrates the success of our unique real estate loan investment program, which continues to make a tremendous pipeline of new Class A multifamily communities.”

PAC bought this community through a wholly-owned subsidiary and financed the acquisition utilizing a part of the proceeds from a 1031 exchange transaction sale earlier in the quarter and a first mortgage loan from Berkadia Commercial Mortgage LLC, which intends to assign the loan to Freddie Mac within 60 days. 

The first mortgage loan is approximately $31.6 million, bears interest at a fixed rate of 4.31% per annum, matures March 31, 2027 and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or its operating partnership.

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