FCA Group (now incorporated in Elandis), the North and Central American real estate investment and property management arm of the Libra Group, has acquired 238 residential apartments of the 260 units on the Bay Pointe Colony multifamily community development in Tampa, Florida.

Following the acquisition, FCA Group, which has owned and operated over 1,500 multifamily units in the area in the last five years, is embarking on a comprehensive investment program, which will bring direct benefits to the community while adding prestige and value to the development as a whole.

Occupying more than 16 acres of parkland, Bay Pointe Colony is well-located, close to one of the largest universities and research centers in Florida, and to large hospitals and medical research and office complexes. Nearby is Grand Pavilion, another large multi-family community in FCA’s portfolio.

“Our mission is to improve living conditions for low to middle income communities in this region and in turn reduce tenant turnover and enhance the environment,” said Frank Espinosa, CEO of FCA Group. “The development will undergo significant renovation including the total re-build and upgrade of 25 currently unoccupied units, plus substantial common area improvements with new amenities and restoration of the natural beauty of the parkland setting.”

This acquisition represents the addition of nearly 200,000 sq ft to FCA’s North America multifamily housing portfolio, enabling its specialist property management team, with its long track record in repositioning real estate assets, to enhance long-term values.

“The Bay Pointe acquisition is an off-market deal, achieved through FCA Group’s considerable local market insight and strong relationships,” added Espinosa. “We feel the timing is right given strong rental housing demand supported by improving employment drivers in the area.”