Elandis Acquires 6 Florida Properties for $127M

Bay. Image courtesy of Tzadik Properties LLC

Elandis has more than doubled its multifamily portfolio in 2021, in large part due to its latest acquisition of six communities in Florida. The firm has acquired a 1,242-unit portfolio with properties located in the Orlando and Daytona Beach areas for $126.5 million from Tzadik Properties LLC.

The acquisitions in the Orlando area include:

• The 200-unit Millennium that offers one-, two- and three-bedroom floorplans. The community was built in 1974 and is located at 4255 Barwood Drive.
• The 343-unit Brookside that has only one-bedroom floorplans. The largest community in the portfolio was built most recently in 1984 and is located at 3997 Rosewood Way.

The remaining four properties that are located in the Daytona Beach area include:

• The 248-unit Bay that was built with one-, two- and three-bedroom floorplans. The community was built in 1974 and is located at 1225 S. Beach St. in Daytona Beach.
• The 232-unit Ridge that features one- and two-bedroom floorplans. The community was built a year earlier in 1973 and is located at 2050 S. Ridgewood Ave. in South Daytona.
• The 119-unit Park that has studio, one- and two-bedroom floorplans. Built in 1964, this community is of the oldest vintage and is located at 1049 Brentwood Drive in Daytona Beach.
• The 100-unit Rose only has one-bedroom floorplans and was also built in 1973. The community is located at 200 Robert St. in New Smyrna Beach.

Frank Espinosa, CEO of Elandis, told Multi-Housing News that the communities were in high-demand locations and all have high occupancy rates of at least 95 percent.

DOUBLING THE SIZE OF ITS PORTFOLIO

As the new owners, Elandis also has plans for an extensive series of upgrades to each community that covers unit interiors, amenities and common areas. Espinosa told MHN that the amenities upgrades will include refurbishing the pools and outdoor entertainment areas, and adding new dog parks and playgrounds. Espinosa also told MHN that the units will also get new appliances, plumbing fixtures, lighting fixtures, countertops, vinyl plank flooring and interior doors as part of its upgrades.

Elandis’ portfolio has nearly reached 3,100 units owned with the spread evenly split between Texas and Florida communities. Looking to continue its recent growth, Elandis is looking for opportunities in its target markets including Texas, Florida, Georgia, North Carolina and South Carolina.