The Real Deal Miami

Elandis sells bulk apartments in Tamarac: $22M

New York private equity investor paid close to $100,000 a unit

August 05, 2016 11:15AM

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Jasmine at Tamarac and Frank Espinosa, CEO of Elandis

Jasmine at Tamarac and Frank Espinosa, CEO of Elandis

Elandis, formerly known as FCA Group, sold 222 rental units in Tamarac for $22 million, marking a 46 percent gain from their last trade in 2012.

The one- and two-bedroom units sold for nearly 100,000 per apartment. They’re part of a 291-unit complex, Jasmine at Tamarac, that underwent a condo conversion and renovation program in 2006. The other 69 residential units are privately owned, according to a press release.

A New York private equity investor, JAT Owner LLC, is the buyer. Ronald Meyerson, senior vice president of multifamily sales at Melo Real Estate, negotiated the deal that closed Thursday, along with Avison Young Associate Tyler Minix. Meyerson also represented the buyer of a $54 million North Lauderdale deal in July.

In a value-add play, then-FCA Group paid $15 million for the units in 2012. Elandis CEO Frank Espinosa said in the release that the company made a number of upgrades and improvement to the property.

Elandis, the real estate investment and property management arm of Coral Gables-based Libra Group, controls about 2,500 units across the southern United States.

South Florida’s mulitfamily market, especially in suburban neighborhoods of Miami-Dade and Broward counties, has seen more than $4 billion worth of investment activity from January to June. – Katherine Kallergis