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Bought majority of Jasmine at Tamarac, FL

- Dec 22, 2012

FCA Group (now incorporated in Elandis) has acquired 222 residential apartments at Jasmine at Tamarac, representing the majority of the 291-unit community in Tamarac, Florida.

Originally built in 1987 as a multifamily rental community, Jasmine at Tamarac underwent a condominium conversion and renovation program in 2006. With spectacular views of a surrounding golf course and a tranquil waterway, the community comprises one- and two-bedroom units, a common area lounge, a theater room, an exercise room and two pool facilities. The property is located just 20 minutes away by car from both Fort Lauderdale, FL, and Nova Southeastern University in Davie, FL.

Jasmine brings FCA Group’s portfolio in the Miami-region alone to 400 owned and operated condos, having acquired two nearby and similar properties with approximately 200 units in 2010. FCA will hire the staff needed for professionally managing the property from day one, as well as capitalizing the homeowners’ association.

“With this transaction, we once again have demonstrated our ability to simultaneously close the acquisition and financing of real estate assets with favorable terms and under compressed deadlines,” said Frank Espinosa, CEO of FCA Group. “Jasmine provides the opportunity to continue building our Florida portfolio, which is rapidly approaching 1,000 units. The historically high occupancy rate at Jasmine along with its enviable location makes this a very strong addition to the FCA portfolio in North America.”

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