FCA Group (now incorporated in Elandis) has acquired 79 condominium units in a garden-style development, Heron Pond, in Pembroke Pines, Florida. Located in one of the most desirable residential areas of Broward County, the shared space includes a lake, tennis courts, a playground and two swimming pools. These secluded residences are in high demand and the vast majority of them have already been rented.
Significantly, this development has spacious units which makes it stand out from other communities and generates strong demand from tenants. Through the acquisition, FCA Group will reinvigorate and fund the homeowners association after a recent period of difficulty.
FCA Group will take full control of the Board of Directors of the homeowners association at the same time, providing necessary oversight in the two key areas of service charge delinquency and proper budget preparation.
“The fact that virtually all the units are rented in a recessionary environment demonstrates our investment belief about the resilience of rental demand in core markets such as South Florida,” comments CEO Frank Espinosa. “Also, this acquisition provides us with critical mass in the region, in close proximity to the 94 units we have at Crescent Cove, which enables our property management division to achieve comprehensive economies of scale and efficiencies.”