Electra Real Estate has purchased a US housing cluster for $ 34 million – the capital market

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Electra Real Estate
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(64.06%) announced that its third fund for housing investment in the United States has purchased a housing group in South Carolina for about $ 34 million. Invested equity amounted to $ 13.5 million.

The fund’s holding rate for a property located in Charleston, South Carolina is about 60 percent, and it has 232 residential units. Following this transaction, the fund holds about 3,150 housing units, in 11 housing units in the southeastern United States, totaling $ 161 million in capital investment.

Property in South Cronelina, Photo: PR

According to the company, it continues to work to raise investors for the third investment fund up to a total of about $ 500 million until the fund’s final closing. Once completed, the total funding of the company’s three investment funds could reach $ 1.2 billion, within a period of 3 years since it began operating in the field.

Gil Rushink, CEO of Electra Real Estate: “We are pleased to update today about another acquisition we made to the Third Investment Fund, so as of today, the Fund already owns 11 housing units comprising approximately 3,150 apartments, just a few months from its inception. Electra Real Estate, through its established investment funds, is focused on real estate. Multi-Family housing in the southeastern United States is in great swing, with the company recently ranked 4th in the volume of US $ 9 billion housing acquisitions in 2019. The area in which we operate continues to be one of the most stable in the US real estate market, with the US states in which we are active characterized by positive migration and attracting, among other things, new headquarters of technology and service companies. ”

“Electra is currently one of the largest and most developed housing companies in the US and intends to continue its efforts to expand our operations, leveraging our professional and operational capabilities and economies of scale to bring value to investors. We are currently continuing to raise capital for the Third Fund with the $ 500 million borrowing target and our Debt Fund providing loans to purchasers in the housing sector. ”