CORAL GABLES, FL – The Florida-based subsidiary of the Libra Group, Elandis and London-based asset manager, M&G investments, have entered into joint-venture partnership, to launch a multifamily platform.
The joint-venture partnership will focus on US multifamily assets between Libra Group and M&G Investments. The platform represents M&G Investments' entry into the US multifamily market.
M&G Investments has committed an initial $50 million in equity to the partnership, to be used to acquire and reposition undervalued multifamily communities throughout the Sunbelt region. The partnership plans to invest and grow beyond the initial equity commitment.
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The platform will target properties within high population and high job-growth areas, such as Florida, North Caroline, South Carolina, Georgia, Texas and Nevada.
Upon the acquisition of assets, Elandis will work to maximize the value of each property through capital improvement programs and tenant retention programs.
"The opportunities within the multifamily housing sector have made it a preferred product type among a variety of investors, thanks to strong fundamentals across the Southeast and Southwest," states Frank Espinosa, Elandis CEO. "Through this partnership we look forward to the success of this initiative and a future of sustained growth."
Since 2009, Elandis has acquired 3,000 multifamily units to date. With the added capital and additional large-scale resources, the real estate owner and property manager aims to leverage its decade-long experience in order to procure high-yielding assets within the Sunbelt states.
"We are extremely pleased to enter this partnership with Elandis and actively engage the American market," says William Nicoll, CIO of private and alternative assets at M&G Investments. "This is an encouraging time for multifamily investment, and we look forward to working alongside Elandis in this endeavor."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
