SAN ANTONIO—With average effective rents of $1,025 and 95% occupied, the class-A Pecan Springs in northwest San Antonio paves the way for rent growth inherent in a strong economy. The property is also in close proximity to University of Texas at San Antonio and other major employers, including USAA and the San Antonio Medical Center.

Electra America and its management affiliate, Robbins Electra, recently acquired the 344-unit garden-style multifamily community. With this acquisition, Electra America now owns five apartment communities in the San Antonio metro area. With more than 60 properties in Texas, Florida, Georgia, North Carolina, Virginia and Maryland, Electra's portfolio contains more than 22,500 apartments totaling more than $2.5 billion in value.

“We are thrilled at the opportunity to acquire a newly constructed class-A community in the growing northwest San Antonio market,” said Christine DeFilippis, Electra America's chief investment officer. “The San Antonio market has strengthened significantly since we placed the property under contract in May. This particular submarket has successfully absorbed the 2,800 units delivered between 2010 to 2016 or 49% of the inventory. The stabilization of occupancy paves the way for rent growth inherent in an economically strong demographic, supported by the presence of employers like USAA, the San Antonio Medical Center and University of Texas at San Antonio. It was advantageous for us to gamble on this submarket at a risk-adjusted basis to now realize the rent growth opportunities.”