Purchase of 212 residential units in Florida caps a strong year
FCA Group (now incorporated in Elandis), the North and Central American real estate investment and property management arm of global conglomerate Libra Group, today announced that it has acquired 212 units at the 264-unit Grand Pavilion residential estate in Tampa, Florida. The company now occupies around 85 percent of the sought-after garden-style community and brings FCA Group’s ownership of condominiums throughout Florida to almost 500.
The acquisition brings approximately 163,000 square feet of rentable space into the FCA Group portfolio and gives the company a major presence in Tampa, one of Florida’s top three residential markets. The estate, near the University of South Florida and with the majority of units let, includes a clubhouse, a swimming pool, a gym and a playground, as well as racquetball and sand volleyball courts. FCA Group will reinvigorate the properties with capital contributions to the homeowners’ association and dedicate focused management attention to the estate. Additionally, FCA Group will take full control of the Board of Directors of the homeowners’ association and will increase its staff by six to help service the properties.
“Our breakthrough in the Tampa residential market provides an important addition to our comprehensive portfolio,” says Frank Espinosa, FCA Group CEO. “We are excited by our investment in Grand Pavilion which offers a wonderful living environment. Our property management division looks forward to working with the tenants and homeowners to further enhance the living experience through upgrades and improvements to the development.”
The deal was made possible by FCA Group’s ability to deliver simultaneously on both the acquisition and financing sides. This year alone it has made over $75m of real estate investments and holds a portfolio throughout North and Central America of more than 700,000 square feet. In addition, FCA Group has recently launched a new website – www.fcagrp.com – that outlines the group’s investment and property management activities. The company’s coast-to-coast holdings include hospitality interests, commercial real estate, and a number of high-end residential properties in key locations such as Manhattan, New York, and Miami, among others.
Other recent noteworthy transactions by FCA Group include:
• Purchase of 79 condominium units at Heron Pond in Pembroke Pines, Florida
• Purchase of 94 condominium units at Crescent Cove in Coral Springs, Florida
• The launch of the Grace Panama hotel development in Twist Tower, Central Panama, on behalf of fellow Libra subsidiary, Grace Hotels
“2011 has been a great year for us and we have a number of major projects in the pipeline for next year, which is very positive,” adds Frank Espinosa.