First Acquisition in Texas is 1,000 Multifamily Units

Pine Creek on Maxey Road is one of the properties acquired by Elandis.

HOUSTON—Houston is one of the fastest growing urban centers in the country with a rising population in need of quality rental housing. To that effort, Elandis has acquired approximately 1,000 units in four separate multifamily communities. 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 multifamily rental communities, each consisting of one-, two- and three-bedroom units, comprise Kirkwood Landing on South Kirkwood Road, The Forest on Imperial Valley Drive, Valencia at Spring Branch on Long Point Road and Pine Creek on Maxey Road. The communities are all within reach of the city’s work zones and local amenities, and easily accessible via major thoroughfares. The properties will be managed by Elandis’ wholly owned subsidiary , Elandis Property Management . In addition, Elandis intends to upgrade the properties through improvements and refurbishments, benefiting tenants and stakeholders alike. Ted Lawson , COO of Elandis, tells GlobeSt.com: “We see Houston as one of the nation’s top markets for workforce housing, as the area’s long-term job creation potential is excellent. The opportunity to acquire what we view as currently B- and C-type buildings, and upgrading the properties, all while maintaining affordable rents, uniquely positions Elandis to provide much-needed housing solutions and benefit surrounding neighborhoods.” This acquisition is part of Elandis’s defined growth strategy in residential property throughout the south, and complements its focus on diverse property assets in the commercial, industrial and hospitality sectors. It provides geographical diversification to its current portfolio in Florida and Nevada, and a platform to build on for future investment. Elandis intends to expand further through new acquisitions and capital reinvestment in Texas, particularly considering strong opportunities with stable and attractive investment frameworks. “This investment represents a unique blend of secure assets with mature cash flows, providing a strong return on investment,” says Frank Espinosa , CEO of Elandis. “We are thrilled with our first acquisition in Texas and very much look forward to adding value and making a contribution to the local communities here.” Elandis is the real estate ownership, development and property management arm of the Libra Group . It has a total of more than 5.8 million square feet of commercial and residential real estate developed and under development in North and South America, including a presence in Argentina, Brazil, Panama, Uruguay and Spain.