Elandis acquires six Multifamily Communities in Florida
Acquisitions are located in the Orlando and Daytona Beach area, and total 1,242 units
Elandis, the Libra Group's joint venture real estate ownership and property management company, has announced the acquisition of six separate multifamily communities in Florida. The communities, located in Orlando and Daytona Beach, include:
- Millennium: Located at 4255 Barwood Drive, Orlando, FL – 200 units, built in 1974.
- Brookside: Located at 3997 Rosewood Way, Orlando, FL– 343 units, built in 1984.
- Bay: Located at 1225 S. Beach St., Daytona Beach, FL – 248 residences, built in 1974.
- Ridge: Located at 2050 S. Ridgewood Ave, South Daytona, FL – 232 units, built in 1973.
- Park: Located at 1049 Brentwood Dr., Daytona Beach, FL – 119 units, built in 1964.
- Rose: Located at 200 Robert Street New Smyrna Beach, FL – 100 units, built in 1973.
The properties are centrally located and feature a broad range of amenities. Elandis is planning an extensive series of upgrades to unit interiors, amenities and the common areas.
With the acquisition, Elandis will have more than doubled the units owned in its portfolio during 2021, reaching almost 3,100 units owned. The portfolio is evenly split between holdings in Texas and Florida, while the company continues to seek out opportunities in its target markets of Texas, Florida, Georgia, North Carolina and South Carolina.
“We are extremely pleased to be acquiring this excellent array of multifamily communities in two of Florida’s fastest-growing areas,” said Frank Espinosa, CEO of Elandis. “These properties have been an integral part of their communities for a long time, and, as they are upgraded they will continue to serve a crucial need in the region’s rental housing market.”