The property management arm of the Libra Group, Elandis (formerly FCA Group), has sold two multifamily properties totaling 306 units in Tampa. The group disposed of the Grand Pavilion and Oaks at Granada in a $20 million deal. Acquired in 2011, the two holdings of 163,000 sqf and 121,250 sqf respectively were significantly upgraded by the company before the sale. “We acquired Grand Pavilion and Oaks at Granada during a market low. We worked together with tenants to enhance the living experience through upgrades and improvements to the estate, and repositioning for full occupancy rates,” said Frank Espinosa, CEO of Elandis. “The general condition of these properties and waiting lists to occupy them show how our time and investment have added value, and we are now looking for more real estate opportunities in Florida and the Southern United States of this kind.”
