Elandis is pleased to announce the successful sale of Serenity Lake, a 260-unit multifamily apartment community located in Tampa, Florida, for a total consideration of $31 million (Elandis owned 248 units of the total).

Acquired significantly below this value and repositioned, Serenity Lake has been a consistently high-performing asset within our portfolio, generating strong recurring cash flow throughout the hold period. The property has delivered exceptional financial returns with returns of more than double the average for this vintage and type of asset.

This disposition reinforces our ability to identify and optimize high-potential multifamily assets in growth markets, while executing strategic exits that drive value.

With this latest transaction, Elandis continues to strengthen its track record of successful acquisitions, asset management, and profitable dispositions across key Sunbelt markets.

We thank our team, our lender (Valley Bank) and partners for their role in maximizing the performance of Serenity Lake and look forward to continuing our momentum with future investments.