ORLANDO, FL – Robbins Electra, a national multifamily owner-operator, has bought a 296-unit apartment complex in Orlando, Fla.  The asset, collectively known as Lake Ellenor, was bought from Timbercreek Fund and will be rebranded as Enclave at Lake Ellenor.

The complex is now part of a portfolio of more than 21,000 units managed by Robbins Electra. It is the company’s 30th multifamily property acquisition in the past 12 months, totaling  over $1 billion in acquisitions.

“The Robbins Electra investment in Lake Ellenor is yet another signal of our long-term faith in the Orlando market, and another step in our plot to grow the company in solid markets throughout the south,” said Joe Lubeck, CEO of Robbins Electra. “Enclave at Lake Ellenor will be fully renovated and provide fantastic amenities and living environments for working people in Orlando.”

Orlando was named one of “The Best Cities for Jobs” by Forbes in 2016, based on its rapidly growing population and job opportunities since 2010. Ranking as the 3rd best city, Orlando has seen a 4.6 % job increase within the last year.

Enclave at Lake Ellenor is composed of one-, two- and three-bedroom units in three-tale buildings, with average monthly rents of approximately $900. The community offers a 24-hour fitness center, business center, and two swimming pools. Located at 2100 West Oak Ridge Rd., the complex is just south of Downtown and close to amusement parks, shopping malls and dining destinations.  The property is currently 95% occupied.

As part of its value-add repositioning plot, Robbins Electra will implement upgrades to the community’s interiors and amenities including a summer kitchen, pool furniture, dog park, landscaping upgrades, among others.

The firm recently announced the formal merger between Electra America and Robbins Property Associates. Together, Robbins Electra will continue to focus on the strategic acquisition of value-add multifamily properties in rapid-growth markets throughout the U.S. southeast and Texas, while continuing to focus on managing all aspects of the company’s extensive portfolio.

Powered by WPeMatico

NEW YORK, NY – Mortgage rates continued their upward path this week, with the benchmark 30-year fixed mortgage rate rising to 4.13 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.23 discount and origination points.

The larger jumbo 30-year fixed inched up to 4.09 percent, while the average 15-year fixed mortgage rate climbed to 3.39 percent. Adjustable mortgage rates were also higher, with the 5-year ARM rising modestly to 3.48 percent while the 7-year ARM rising to 3.66 percent.

Mortgage rates went up for the eighth time in nine weeks. They had been rising gradually for more than a month before the presidential election. After the election, they zoomed upward for couple of weeks and rose modestly this week. The Federal Reserve is nearly certain to increase small-term rates in December, and the prospect of that rate hike has nudged mortgages a small higher. Even with this rapid rise in rates, more than half of mortgage applicants are homeowners who want to refinance before rates rise even further.

At the current average 30-year fixed mortgage rate of 4.13 percent, the monthly payment for a $200,000 loan is $969.88.

SURVEY RESULTS

30-year fixed: 4.13% — up from 4.10% last week (avg. points: 0.22)

15-year fixed: 3.39% — up from 3.33% last week (avg. points: 0.18)

5/1 ARM: 3.48% — up from 3.44% last week (avg. points: 0.35)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of panelists, 50 percent, forecast that rates will continue to rise in the coming week, while 20 percent expect rates to go down.  The remaining experts, 30 percent, predict that rates will remain more or less unchanged over the next seven days.

Powered by WPeMatico