The Real Deal Miami

One Miami-area firm sells Houston rentals to another

Elandis paid an average price of $50,711 per apartment to One Real Estate Investment

June 04, 2016 12:30PM

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Frank Espinosa, CEO of Elandis

Frank Espinosa, CEO of Elandis

Companies based in Miami-Dade County were on both sides of the sale of 984 apartments in Houston, Texas, for $49.9 million.

Miami-based One Real Estate Investment sold the apartments to Coral Gables-based Elandis, an arm of Libra Group, for an average price of $50,711 per unit.

Elandis, formerly known as FCA Group, now owns a portfolio of nearly 2,500 residential units, including the 984 apartments spread over four multifamily developments in Houston.

Frank Espinosa, CEO of Coral Gables-based Elandis, said in a press release that the deal was the company’s first Texas acquisition.

“We are committed to remaining in the Houston real estate market and look forward to expanding our footprint,” Jeronimo Hirschfeld, chairman and CEO of One Real Estate Investment, said in a press release.

“Currently, we are in negotiations to acquire new properties and are exploring other favorable opportunities. This particular opportunity was just too good to resist.” [Houston Chronicle] — Mike Seemuth