Elandis sells multifamily in Tamarac

Elandis (formerly FCA Group), the real estate investment and property management arm of the Libra Group, has announced the sale of the Jasmine at Tamarac apartments in Broward County, for $22 million. The sale represents a portfolio of 222 units that traded for just under $99,100 each. The property has an additional 69, privately-owned apartments following a 2006 condo conversion. The condo converter didn’t sell out the complex to individuals buyers, so the remaining units were sold in bulk. Teg Acquisitions is the new owner of the asset located on the east side of Pine Island Road along Northwest 61st Street. Originally acquired in 2012, Elandis made a number of upgrades to the property during its ownership.

“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.”