Robbins Electra said last week it bought the 300-unit Lake Gray apartment complex for $30.9 million and will rebrand it as Landings at Lake Gray.
Robbins Electra said it will invest $2.4 million in upgrades to the apartment interiors, including granite countertops, stainless steel appliances, plank flooring in common areas, and amenity enhancements.
The purchase was Robbins Electra’s fourth multifamily acquisition in Jacksonville this year. It owns 11 multifamily rental communities in Jacksonville, totaling 22,500 apartment units.
“Jacksonville’s job outlook is very strong – the unemployment rate is below the national average and the city added some 22,000 jobs last year – and that’s created very healthy demand for housing,” said Joe Lubeck, CEO of Robbins Electra, in a news release.
Landings at Lake Gray comprises one-, two- and three-bedroom units in three-story garden-style buildings, with average monthly rents of about $833.
The property is 93 percent occupied.