Electra America, a private equity real estate firm specializing in the multifamily sector, has closed its 2017 Multifamily Fund, raising $212 million from foreign institutions and high-net-worth investors.
The fund, dedicated to acquiring and repositioning value-add multifamily assets in flourishing “Sun Belt” cities, comprises more than 7,000 apartment units in four states, which include Georgia, Florida, North Carolina and Texas.
The company is also launching 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 more than 23,000 apartment units across the U.S. Southeast.
“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,” said Joseph Lubeck, CEO of Electra America and American Landmark. “We’ve received tremendous interest from foreign institutions and high-net-worth investors, who recognize our competitive advantage: a 30-year track record in multifamily repositioning, unparalleled access to off-market properties, and a strategic geographic focus. Fund 2017 is outperforming projections and we anticipate our 2018 Fund will provide equally attractive risk-adjusted returns to investors.”
Electra’s principals are also substantial and material investors in each of the funds.
An expert in value-add and distressed real estate repositioning, Lubeck and his partners have bought and sold more than 100,000 apartment units, valued at over $8 billion, since 1996.
