FCA Group (now incorporated in Elandis), the North and Central American real estate investment and property management arm of Libra Group, has sold 94 residential apartments of ‘Oaks at Granada’, the 121,250 sq ft multifamily community development in Tampa, Florida.
Following the sale, FCA Group, which has owned and operated over 1,500 multifamily units in the area in the last five years, is embarking on a comprehensive investment programme add more properties to is wide portfolio.
“‘Oaks at Granada’ was acquired in 2012 and it was in a state of disrepair. However, following and intensive restoration and repositioning programme the property achieved nearly 100% occupancy over the last two years, with waiting lists of prospective tenants awaiting a vacancy” said Frank Espinosa, CEO of FCA Group.
“The stabilization process began by ensuring a safe and secure environment, with responsible tenants. We then upgraded the exterior and interiors of the condominium”, added Frank Espinosa.