A 2015 joint venture between Tampa, Fla.–based Robbins Property Associates and North Palm Beach, Fla.–based Electra America has led to a formalized merger between the two multifamily owner–operators. The newly created Robbins Electra now owns and operates a $2 billion multifamily portfolio, which covers the combined company’s 66 properties and 20,000 apartment units across Florida, Texas, Georgia, North Carolina, Virginia, and Maryland.
The company is now led by Steve Robbins, CEO of Robbins Property Associates; his brother Mitchell Robbins, with whom Steve founded the company in 2009; and Joseph Lubeck, CEO of Electra America, which is a U.S. subsidiary of Tel Aviv, Israel–based Electra Real Estate. Steve Robbins and Joseph Lubeck are also now CEOs and co-managers of Robbins Electra.
Taken together, Lubeck and the Robbins brothers have acquired, sold, and operated over 150 communities with a value exceeding $4 billion since 1991. Lubeck, formerly of Landmark Apartment Trust, has overseen four multifamily portfolio builds that encompass a total of 100,000 units with a combined value of $3 billion.
Both Lubeck and Robbins Property Associates specialize in value-add and distressed real estate. As Robbins Electra, Lubeck, Robbins, and their teams plan to continue their value-add multifamily acquisition strategies in the Southeast and Texas markets, as well as the management of their current owned and operated properties.
“This is an ideal merger,” Joseph Lubeck said in a release. “Both companies have experienced management teams with an excellent track record of successful operation, investment, and value creation. Robbins [Property Associates] brings deep expertise on the management side and a hands-on approach to creating places people call home.”