North Palm Beach, FL (November 3, 2016) – Electra America, a private owner-operator focused on multifamily investment in the southeastern United States, today announced that it had formalized its merger with Robbins Property Associates, a full-service owner-operator and apartment management company which has established itself as a leader in the industry.
The combined firm, named Robbins Electra, owns and operates a shared $2 billion multifamily portfolio, which encompasses 20,000 apartment units in 66 properties located in Florida, Texas, Georgia, North Carolina, Virginia and Maryland.
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. The merger formalizes an existing joint venture relationship in place since early 2015.
Led by brothers Steve and Mitchell Robbins and Joseph Lubeck, Robbins Electra was formed by several seasoned multifamily investment professionals who have collectively acquired, operated and sold over 150 multifamily communities with a value in excess of $4 billion since 1991. Robbins Property Associates was founded in 2009 by the Robbins brothers with the goal of providing superior service in the multifamily housing arena. Robbins has a particular expertise in working with and transforming distressed properties.
“This is an ideal merger,” said Joseph Lubeck, CEO and Co-Manager of Robbins Electra. “Both companies have experienced management teams with an excellent track record of successful
operation, investment and value creation. Robbins brings deep expertise on the management side and a hands-on approach to creating places people call home.”
“We have had excellent synergies between our two companies over these past couple of years,” adds Steven Robbins, CEO and Co-Manager of Robbins Electra and CEO of Robbins Property Associates, “so formalizing a merger seemed an ideal way to consummate an excellent relationship.”
Electra America is the U.S. subsidiary of Electra Real Estate (ERE), a publicly traded enterprise on the Tel Aviv stock exchange and a global real estate firm focused on the commercial property sector. In addition to multifamily communities, ERE’s holdings include office buildings, retail, logistics centers and hotels.
The ventures’ most recent transactions include the acquisition of 12 multifamily residential communities in North Carolina and Virginia valued at over $400 million. The company has added over $1.5 billion of new assets in the past 12 months, and expects to grow by a similar amount in 2017.