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Tampa residential portfolio acquired

- Dec 9, 2011

FCA Group (now incorporated in Elandis) has acquired 212 units at the 264-unit Grand Pavilion residential community in Tampa, Florida. With 163,000 square feet of rentable area, this establishes FCA Group as a major presence in Tampa, which is one of Florida’s three main residential markets.

This complex transaction was made possible by FCA’s ability to execute simultaneously on the acquisition and financing side. The company will increase its staff by around six people to help service the new facility and will reinvigorate the properties with new capital contributions to the homeowners’ association and dedicated management attention. In addition, FCA Group will take full control of the Board of Directors of the homeowners’ association.

“We are pleased to have made this breakthrough acquisition in the Tampa residential market,” comments Frank Espinosa, FCA Group CEO. “We are excited by our investment in Grand Pavilion which offers a wonderful living environment. We look forward to working with tenants and homeowners to further enhance the living experience through upgrades and improvements to the estate.”

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