ATLANTA—Electra America closed its 2017 Multifamily Fund with $212 million from foreign institutions and high-net worth investors. With a strategy to acquire and reposition value-add multifamily assets in “Sun Belt” cities, the fund comprises over 7,000 apartment units in four states: Georgia, Florida, North Carolina, and Texas.
“Although the investment landscape is competitive, we continue to see great opportunity and excellent returns in high job-growth metropolitan areas in the US Southeast, where there's a tremendous need for well-priced apartments with exceptional amenities for working professionals and families,” Joseph Lubeck, CEO of Electra America and American Landmark, tells GlobeSt.com. “This is our niche and we anticipate more growth in the future.”
The multifamily investor announced the launch of its 2018 Multifamily Fund with a target of $300 million. Electra expects to complete $1.5 billion in multifamily acquisitions in 2018. Electra America is the debt and equity partner to American Landmark, which operates over 23,000 apartment units across the US Southeast.
Electra's principals are also substantial and material investors in each of the funds. Lubeck and his partners have bought and sold over 100,000 apartment units, valued at over $8 billion, since 1996.
“With demand for apartments expected to exceed supply for the coming decade, we continue to see great opportunity and excellent returns in the multifamily sector,” says Lubeck. “Fund 2017 is outperforming projections and we anticipate our 2018 Fund will provide equally attractive, risk-adjusted returns to investors.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
