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Tampa-based Electra America invested $850 million last year to bolster its multifamily rental portfolio by more than 6,300 units in Florida, Georgia, North Carolina and Texas.
In all, the acquisition of the 18 complexes — together with the disposition of several that generated roughly $250 million — brings the total value of the company's portfolio to roughly $3.5 billion.
Among the Gulf Coast communities the firm added in 2018 were the 264-unit Avana, and Northgreen at Carrollwood, a 438-unit community, both in Tampa.
Elsewhere in Florida, Electra America and the affiliated American Landmark also bought multifamily projects in Jacksonville, Orlando and Miami.
But Electra America CEO Joe Lubeck says 2018 could be an even bigger year in regards to purchases of Class B and Class C apartment properties.
“We hope to do even more acquisitions this year,” Lubeck says. “We hope to complete at least $1 billion worth in 2018.”
Lubeck says that while competition has driven prices of communities upward, Electra America's reputation for closing allows it to consider off-market deals brought to the company.
“There's no question that the markets that we operate in are so hot and that there's so much competition that most sales occur at high premiums,” Lubeck says. “So we're focusing more on appropriate value.”
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