We’re pleased to announce that we have invested roughly $4.4 million in a joint venture partnership to acquire the Grand Reserve at Pavilions, a 408-unit garden-style apartment building in Charlotte, North Carolina. Fundrise has partnered with Robbins Electra Management (REM) to acquire this stabilized apartment community for approximately $52.1 million. REM plans to invest roughly $3.7 million to perform common area and unit improvements, with the goal of increasing rents and property value.

Why we invested

  • Experienced partner: Robbins Electra Management owns and manages over 18,250 units valued at approximately $1.8 billion across 60 communities.
  • Strong market: Charlotte’s economy has grown in large part due to its development as a major US financial center — the second largest in the United States behind New York City — and a transportation hub for the East Coast.
  • Fully stabilized with long-term debt: The property is currently fully stabilized and has been financed with a 10-year 4.31% loan from Fannie Mae, with 7 years of interest only.

Partner spotlight: Robbins Electra Management

Robbins Electra Management (REM), our investment partner, is an experienced owner and manager of multifamily communities throughout the Southeast. Their $1.8 billion portfolio includes over 18,250 units across 60 communities in Florida, Georgia, Maryland, North Carolina, Texas and Virginia. REM was founded in 2015 through a merger of two experienced multifamily sponsors, Robbins Property Associates and Electra America. The co-managers collectively have over 40 years of real estate experience specializing in multifamily acquisitions, leasing, operations, asset management, and value-add repositioning.

This investment follows our “buy, fix and cash-flow” strategy, which focuses on acquiring properties where we believe value can be added. REM shares in this approach, and their communities have benefitted as a result.

Fundrise has created a strong relationship with REM through partnering on multiple asset acquisitions including the Palms at Beacon Pointe and the Reserve at Mandarin in Jacksonville, Florida.