Elandis (formerly FCA Group), the North and Latin American real estate investment and property management arm of the Libra Group, has sold a total portfolio of 306 residential apartments at the Grand Pavilion and Oaks at Granada multifamily community developments in Tampa, Florida. Acquired in 2011, the two holdings of 163,000 sq ft and 121,250 sq ft respectively were significantly upgraded by the company and sold in a much improved state. The total value of the transactions was over $20 million.
Elandis has a track record for investing in and improving multifamily units across the southern United States over the last five years. The company currently owns approaching 2,500 residences and is embarking on a comprehensive investment programme to add more properties to its portfolio. Following these transactions, the company remains on the lookout for further investment opportunities throughout the region.
“We acquired Grand Pavilion and Oaks at Granada during a market low. We worked together with tenants to enhance the living experience through upgrades and improvements to the estate, and repositioning for full occupancy rates,” said Frank Espinosa, CEO of Elandis. “The general condition of these properties and waiting lists to occupy them show how our time and investment have added value, and we are now looking for more real estate opportunities in Florida and the Southern United States of this kind.”