(RECAP: If you’re spending more than 30-per cent of your income on housing, you are officially ‘cost burdened’ according to the Department of Housing and Urban Development. That means it’s tough to afford other necessities. But people who live in mobile homes can sometimes spend that on utility bills alone. And that means something that seems like an affordable housing option turns out to be a ‘mobile home money pit.’)
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SAN ANTONIO, TX – Electra America, a private owner-operator focused on multifamily investments, along with its partner Robbins Property Associates, have bought Vantage at Alamo Ranch, a 288-unit apartment complex in San Antonio, Texas. The newly built property was bought from Vantage Communities and will be rebranded as Verandas at Alamo.
With this acquisition, Electra/Robbins’ Texas portfolio now includes over 7,000 apartment units in cities including San Antonio, Houston and Dallas. It is the company’s 29th multifamily property acquisition in the past 12 months.
“The Alamo acquisition reaffirms our commitment to San Antonio as a growing and vibrant city,” said Joe Lubeck, CEO of Electra America and a partner in Robbins. “Soon to be renamed Verandas at Alamo, we will upgrade amenities and services and look forward to being part of the Alamo community.”
San Antonio was named one of “America’s Next Boom Towns” by Forbes magazine in 2016, based on above-average projections for population, employment rates and income growth over the next 10 years.
Constructed in 2015, Vantage at Alamo is located at 6831 Alamo Parkway and features one-, two- and three-bedroom units in three-tale buildings totaling 240,916 square feet. The community offers swimming pools, state-of-the-art fitness center, on-site maintenance, gated access, business center, picnic area, pet park and high speed Internet access. The property is currently 87% occupied.
It is conveniently located next to shops, restaurants, freeways, and entertainment, such as SeaWorld San Antonio.
The bedroom floor plans offer an array of highly desirable amenities, including 9-foot ceilings, air conditioning, balcony or patio, plush carpeting, hardwood flooring, walk-in closets, among others. Residence interiors will be upgraded with granite countertops, kitchen faucets, curved shower rods, and 2-inch faux wood blinds.
This acquisition brings the Electra/Robbins current portfolio to 63 properties totaling approximately 20,000 units valued at $2 billion.
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ATLANTA, GA – Emma Capital Investments announced the completion of the acquisitions of Somerpoint Apartments, a 144–unit garden style multi-family apartment community located at 1788 Austell Rd., Marietta, Cobb County, Georgia and Brix on Beech (formerly Georgian Arms), a 100-unit garden style multifamily complex located at 16 Beech Rd. SE, Marietta, Cobb County, Georgia at a combined buy price of US$ 15.7 Million. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units bought to date to approximately 4,000.
Both properties are located in the in the highly desirable City of Marietta, a city in one of the most affluent counties in Georgia – Cobb County. Marietta’s population is expected to expand nearly 7% over the next five years. Between 2010 and 2015, the submarket exhibited strong rent growth of approximately 16% and is projected to increase organically a further 12-15% over the upcoming 4 years. The area is undergoing tremendous investment in infrastructure including the new $622 Million Atlanta Braves stadium and its adjoining $400 Million entertainment district.
The immediate area near the Properties is also home to Dobbins Air Force Base the largest multi-service reserve base in the world supporting more than 10,000 guardsman and reservist from the Army, Navy, Marines and Air Force. Adjacent to Dobbins Air Force Base is Naval Air Station Atlanta that supports 2,000 Navy and Marine Corps reservists in 31 different states. Further, adjacent to Brix on Beech is Chattahoochee Technical College, a two-year state technical college with an enrollment of over 17,000 students annually (Approx. 13,000 in Marietta), making it the largest technical college in Georgia. Also in the immediate vicinity is a campus of Kennesaw State University (KSU, the third largest university in the state of Georgia). The school currently has enrolment of over 33,000 undergraduate and graduate students of which 6,500 are located at the Marietta campus.
Somerpoint Apartments was built on 10.8 acre and offers two spacious one and two bedroom floor plans, with an average of 960 sq. ft. Brix on Beech is built on 7.9 acres with gorgeous frontage on Austell Road. The Property features large well-lit units averaging 900 sq. ft. in two floor plans. All of the units at both Properties feature original classic interior finishes, making the two assets strong candidates for unit interior upgrades by enhancing the finishes and appliances to achieve substantial rent increases.
“We are pleased to continue to expand or portfolio in the Greater Atlanta Area. The addition of these properties in Marietta further strengthens our footprint in this rapidly growing market,” stated founding partner and Co-Owner Haya Zilberboim. “These acquisitions are our 8th and 9th in the Atlanta area in the past year and a half,” added Partner and Co-Owner Oz Cohen. “We continue to do on our growth strategy with quality assets in strong locations.”
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