Elandis (formerly FCA Group), the Americas real estate investment and property management arm of the Libra Group, has announced its sale of Jasmine at Tamarac, a portfolio of 222 residential apartments located in Tamarac, Florida, in Broward County, for $22 million. The purchaser is Teg Acquisitions LLC. Originally acquired in 2012, Elandis made a number of upgrades to the property during its ownership.

Elandis has a proven track record for investing in and improving multifamily communities across the southern United States over the last five years. It controls approximately 2,500 residences and is embarking on a comprehensive investment program to add more properties to its portfolio. Following these transactions, the company remains on the lookout for further investment opportunities throughout the region.

“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.”

About Elandis

Elandis develops, owns and manages real estate assets throughout the Americas and Spain. It has approaching 2,500 residential units, 25 hotels and 10 real estate development projects across six countries. It has a portfolio of more than 5.8 million square feet developed and under development and is a major player in the multi-family residential sector, owning units primarily in the southern United States. Its development strategy is focused on real estate assets in the residential, commercial, industrial and hospitality sectors including multi-family properties. www.elandis.com

Elandis is part of the Libra Group, an international business group which is focused on shipping, aviation, real estate, hospitality and renewable energy as well as selected diversified investments. Libra Group has a track record of large-scale real estate investment across six continents. www.libra.com