Elandis (formerly FCA Group), the Americas real estate investment and property management arm of the Libra Group, has announced its sale of Jasmine at Tamarac, a portfolio of 222 residential apartments located in Tamarac, Florida, in Broward County, for $22 million. The purchaser is a New York private equity real estate investor. Originally acquired in 2012, Elandis made a number of upgrades to the property during its ownership.
Elandis has a proven track record for investing in and improving multifamily communities across the southern United States over the last five years. It controls approximately 2,500 residences and is embarking on a comprehensive investment programme to add more properties to its portfolio. Following these transactions, the company remains on the lookout for further investment opportunities throughout the region.
“We were fortunate to acquire Jasmine at Tamarac at a time when real estate values were lower. We worked together with tenants to enhance the living experience through upgrades and improvements to customer service and the property,” said Frank Espinosa, CEO of Elandis. “Ultimately, our time and investment have provided value, and we continue to seek additional multi-family opportunities across the Sunbelt states where we can make upgrades to homes and communities.”