TAMPA — Tampa-based apartment management firm Robbins Property Associates has completed a merger with multifamily investor Electra America of North Palm Beach to create a company with a $2 billion real estate portfolio.
The new company, called Robbins Electra, owns and operates a combined 20,000 apartment units in 66 properties in Florida, Texas, Georgia, North Carolina, Virginia and Maryland.
Financial terms of the deal were not disclosed.
The two companies have had a joint venture relationship since early 2015. Under the merger, Robbins Electra is keeping its headquarters in Tampa with Joseph Lubeck and Steven Robbins acting as co-CEOs and co-managers.
"We have had excellent synergies between our two companies over these past couple of years," Robbins said, "so formalizing a merger seemed an ideal way to consummate an excellent relationship."
With the combination, Robbins Electra has nearly doubled its Tampa office space, growing from 3,800 square feet to close to 7,000 square feet at Two Urban Centre, 4890 W Kennedy Blvd.
It currently employs 452, including 19 at its Tampa headquarters, and plans to add staffers. About 2,000 of Robbins Electra's 8,000 Florida apartments are in Tampa.
The company indicated it will continue to focus on buying multifamily properties in rapid-growth markets throughout the U.S. southeast and Texas, while managing its existing portfolio.
Electra America is the U.S. subsidiary of Electra Real Estate, a publicly traded enterprise on the Tel Aviv stock exchange and a global real estate company focused on commercial property. In addition to multifamily communities, ERE's holdings include office buildings, retail, logistics centers and hotels.
Contact Jeff Harrington at [email protected] Follow @JeffMHarrington.