Elandis Enters Alabama With Acquisition of Two Multifamily Communities
A leading real estate company in the multifamily sector, Elandis announces expansion into Alabama with the acquisition of 513 units in Birmingham.
[August 5, 2022, Miami, Florida]: Elandis, one of the real estate subsidiaries of the Libra Group, today announced that it has acquired two distinctive multifamily communities in Alabama. The ownership and property management company’s new properties include the following:
Ascot Place: Located at 544 Gadsden Hwy, Birmingham, AL – 288 units, built in 1972 and 1986.
Onyx at 600: Located at 600 Earline Cir, Birmingham, AL – 225 units, built in 1972.
Both properties are centrally located in Birmingham, a vibrant, growing city. As the new owner, Elandis is planning extensive upgrades to the unit’s interiors, amenities, and common areas.
With the acquisition, Elandis enters a new market and reaches more than 3,500 units owned in the U.S. One of the leading multifamily real estate companies in the U.S. Sun Belt, Elandis continues to seek out opportunities in its target markets of Texas, Florida, Alabama, Georgia, North Carolina, and South Carolina.
“We are pleased to acquire these excellent assets in the rapidly growing city of Birmingham. It is a city of great promise filled with entertainment, arts, nightlife, outdoor recreation, and world-class cuisine,” said Frank Espinosa, CEO of Elandis. “We are also excited to add Alabama to our continued expansion and are proud to breathe new life into these properties and to provide attractive workforce housing, which is in crucial need in Birmingham and across the country.”
Elandis is a subsidiary of the Libra Group, a privately-owned, global business group with a range of industries and activities operating across nearly 60 countries. Elandis has over 15 years of experience as an owner and developer across the residential, office, and hospitality sectors. Today the company owns and manages real estate assets with an emphasis on the multifamily industry, actively targeting properties where it can improve both the asset and the overall community. Earlier this year, Elandis announced it secured over $90 million in financing for six separate multifamily communities in Orlando and Daytona Beach, representing 1,242 residential units.
Elandis is a real estate investment and management firm based in Miami, Florida. Having owned and updated over 3,000 workforce housing units, the firm acquires and repositions multifamily assets across the Sunbelt region. Elandis is a partnership between the Libra Group, a privately-owned, global ecosystem of businesses with a range of industries and activities operating across nearly 60 countries, and M&G Investments, a leading savings and investments business, managing investments for both individuals and for large institutional investors around the world. Elandis leverages its global network, local expertise and on-the-ground presence to identify off-market opportunities and to strategically deploy capital. Elandis improves each property’s operating efficiencies and creates added-value to provide superior returns for investors and high quality of life for its residents. For additional information, visit www.elandis.com.