FCA Group Caps a Strong Year With Purchase of 212 Residential Units in Florida
- Brings 2011 investments to $75m and portfolio to over 700,000 sqft
MIAMI, Dec. 6, 2011 /PRNewswire/ -- FCA Group, the North and Central American real estate investment and property management arm of global conglomerate the Libra Group, today announced that it has acquired 212 units at the 264-unit Grand Pavilion residential estate in Tampa, Florida. The company now occupies around 85 percent of the sought-after garden-style community and brings FCA Group's ownership of condominiums throughout Florida to almost 500.
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The acquisition brings approximately 163,000 square feet of rentable space into the FCA Group portfolio and gives the company a major presence in Tampa, one of Florida's top three residential markets. The estate, near the University of South Florida and with the majority of units let, includes a clubhouse, a swimming pool, a gym and a playground, as well as racquetball and sand volleyball courts. FCA Group will reinvigorate the properties with capital contributions to the homeowners' association and dedicate focused management attention to the estate. Additionally, FCA Group will take full control of the Board of Directors of the homeowners' association and will increase its staff by six to help service the properties.
"Our breakthrough in the Tampa residential market provides an important addition to our comprehensive portfolio," says Frank Espinosa, FCA Group CEO. "We are excited by our investment in Grand Pavilion which offers a wonderful living environment. Our property management division looks forward to working with the tenants and homeowners to further enhance the living experience through upgrades and improvements to the development."
The deal was made possible by FCA Group's ability to deliver simultaneously on both the acquisition and financing sides. This year alone it has made over $75m of real estate investments and holds a portfolio throughout North and Central America of more than 700,000 square feet.
In addition, FCA Group has recently launched a new website – www.fcagrp.com – that outlines the group's investment and property management activities. The company's coast-to-coast holdings include hospitality interests, commercial real estate, and a number of high-end residential properties in key locations such as Manhattan, New York, and Miami, among others. Other recent noteworthy transactions by FCA Group include:
- Purchase of 79 condominium units at Heron Pond in Pembroke Pines, Florida
- Purchase of 94 condominium units at Crescent Cove in Coral Springs, Florida
- The launch of the Grace Panama hotel development in Twist Tower, Central Panama, on behalf of fellow Libra subsidiary, Grace Hotels
"2011 has been a great year for us and we have a number of major projects in the pipeline for next year, which is very positive," adds Frank Espinosa.
About FCA Group
FCA Group is the North and Central American real estate investment and management arm of global conglomerate Libra Group. Since 2006, its real estate transactions have resulted in an impressive commercial and residential property portfolio in key cities such as Miami, Tampa, New York, Los Angeles and Panama. FCA Group actively targets properties where it can add value through recapitalization and superior, hands-on management, while maintaining a careful balance between location, property and tenant types.
About The Libra Group
The Libra Group (www.libra.com) is a privately owned conglomerate undertaking strategic investments around the globe. The group was created in 2003 as a holding company for the diversified business interests of the Logothetis family. Today, the Libra Group controls 30 operating subsidiaries in 20 offices across four continents that are focused principally on aviation, shipping, real estate, hospitality and renewable energy.
SOURCE FCA Group
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