Electra America and its management arm, Robbins Electra, have acquired Pecan Springs, a garden-style multifamily community in San Antonio, Texas. Based in North Palm Beach, the firm picked up the 344 unit property at 5511 Pecan Springs Road, for an undisclosed price. The new owner will add appliances to all units and upgrade amenities to the property, built in 2013, in order to be competitive with comparable properties in the market. Currently 95 percent leased, the complex is 10 minutes away from the University of Texas at San Antonio.
Including this purchase, Electra America now owns five apartment communities in the greater San Antonio metro area. With over 60 properties in Texas, Florida, Georgia, North Carolina, Virginia and Maryland, Electra’s portfolio contains approximately 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. 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.”
