Tuesday, June 27, 2017

Electra America Acquires 300-Unit Community in Raleigh, NC

The Flats on 401 Apartments, 5721 Goodstone Drive, Raleigh, NC
                                                                                                                      (Photo by Clear Sky)

Jeff Glenn
RALEIGH, NC – Electra America, one of the fastest-growing multifamily owner-operators in the Southeastern U.S., has acquired a 300-unit apartment community in Raleigh, NC.

Completed in 2015, the asset, currently known as The Flats on 401, will be rebranded as Level at 401, and enhanced with a variety of new features and amenities catering to Raleigh renters.

With this acquisition, Electra America now owns five garden-style multifamily communities in the Raleigh area, totaling over 1,500 units. This is the company’s second North Carolina acquisition this year – it recently acquired a property in Charlotte. Nationally, Robbins Electra’s portfolio includes more than 23,000 apartment units totaling over $2.5 billion in value.

Justin Good
 HFF marketed the property for the sellers, a local partnership. The HFF investment sales team was led by managing directors Jeff Glenn and Justin Good, and director Allan Lynch. Through their skills, the transaction was privately negotiated and closed in a transaction beneficial to both buyer and seller.

“Apartment demand in Raleigh is strong thanks to job and population growth,” said Joe Lubeck, CEO of Electra America. “Our pet-friendly, reasonably priced apartment communities cater to working professionals - police officers, nurses, and office workers. 

"By modernizing these properties, and providing outstanding customer service, I believe we are serving a niche in the market where demand definitely outstrips supply.”  

Located at 5721 Goodstone Drive, Level at 401 includes studio, one- and two-bedroom apartments in three separate four-story buildings. Apartments feature 9-foot ceilings, balconies, and a washer and dryer in each unit. The pet-friendly community offers resort-style amenities including a swimming pool, clubhouse, fitness center, professional area, spin room, outdoor fireplace and cabana area, and secluded courtyard gardens. 
Allan Lynch

Electra America will carry out a $1.5 million upgrade to apartment units and common areas, including installing granite countertops in each unit, adding plank flooring in common areas, and executing a remodel of the clubhouse, fitness center and pool deck area.

For more information on the Level at 401 acquisition or Electra America, please visit Electra America.com.

 For a complete copy of the company’s news release, please contact:

 Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com

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