The Real Deal Miami

Elandis sells Tampa rentals for over $65,359 each

The company got more than $20 million for two apartment properties it acquired in 2011

July 31, 2016 12:30PM

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The Grand Pavilion apartment complex in Tampa

The Grand Pavilion apartment complex in Tampa

Elandis sold two apartment properties in Tampa for more than $20 million or $65,359 per unit.

The two properties, called Grand Pavilion and Oaks at Granada, span 284,250 square feet and have a total of 306 apartments.

Elandis acquired both Grand Pavilion and Oaks at Granada in 2011 and sold them after significant property upgrades.

“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 re-positioning for full occupancy rates,” Frank Espinosa, CEO of Elandis, said in a written statement.

Elandis, formerly known as FCA Group, is an arm of an international company called Libra Group and operates as Libra’s North American and Latin American arm for real estate investment and property management. Elandis has offices in Coral Gables, Buenos Aires, São Paulo, Panama City, Panama; and Madrid, Spain.

Elandis owns almost 2,500 residential units , 25 hotels and 10 ongoing real estate developments in six countries.