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