Elandis Acquires Houston Properties for $50M
- Jun 06, 2016
Houston—Elandis, the real estate arm of the Libra Group in the Americas, has acquired about 1,000 units in four separate multifamily properties in Houston. The combined purchases are valued at $50 million and expand the company’s portfolio of owned and managed residential units to 2,500.
The four rental communities, each consisting of one-, two- and three-bedroom units, are Kirkwood Landing in South Kirkwood Road; The Forest in Imperial Valley Drive; Valencia at Spring Branch in Long Point Road; and Pine Creek in Maxey Road. They will be managed by Elandis’s wholly owned subsidiary, Elandis Property Management.
Property management is a core element of the Elandis value proposition, according to the company. Thus the property management subsidiary will work to create efficiencies and economies of scale to enhance the investment in these Houston assets.
The acquisition is part of the company’s growth strategy in residential property throughout the Southern states, and complements its focus on property assets in the commercial, industrial and hospitality sectors. Specifically, Elandis intends to expand further through new acquisitions and capital reinvestment in Texas.
Altogether, Elandis has a total of more than 5.8 million square feet of commercial and residential real estate developed and under development in the Americas. The company has a real estate presence not only in the United States, but also in Argentina, Brazil, Panama, Uruguay and Spain.