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Acquisition of Amber Ridge apartments in Las Vegas complete

LAS VEGAS - Apr 10, 2014

FCA Group (now incorporated in Elandis), the North and Central American real estate investment and property management arm of the Libra Group, has acquired the 316-unit multi-family development Amber Ridge Apartments in Las Vegas, Nevada. It marks a significant addition of 266,060 sqft to the company’s North America multi-family housing portfolio and joins the 1,000 residential units which FCA Group already owns and manages in Florida.

Following the acquisition FCA Group is embarking on a comprehensive program of refurbishment and enhancements at Amber Ridge which will bring direct benefits to the community while adding prestige and value to the development as a whole. This includes restoring deteriorated units to suitably modern standards and upgrading selected apartments to meet the demand for a premium rental option. There will be substantial improvements to amenities throughout including re-developed common areas with superior landscaping, basketball courts, a soccer pitch and a new barbecue and picnic area. Finally, FCA will be deploying a new property management team located on-site and at its Las Vegas executive offices.

Located just 10 minutes from Downtown Las Vegas and 15 minutes away from The Strip, Amber Ridge is in a sought-after location which is currently under-served by suitable rental accommodation following the region’s economic growth, job creation, rising population and expanding tourism industry.

“We have been looking to make an investment such as this for some time and Amber Ridge Apartments presented the perfect opportunity for us,” says Frank Espinosa, CEO of FCA Group. “It is in the right place at the right time, with Las Vegas improving its economics and infrastructure. We were able to close this transaction in a swift manner through the leverage of our own financing. Our approach to investment involves adding value to developments, improving the living environment, and creating more cohesive communities.”

Occupying over 18 acres of land overlooking the scenic mountain ridge that separates Las Vegas from Lake Mead, the Amber Ridge Apartments are configured in one-, two- and three-bedroom options with the larger units having two bathrooms. Each fully-equipped, spacious dwelling has a patio or balcony allowing residents to enjoy the spectacular views. The development itself features two swimming pools with spa, lit basketball and tennis courts, a fitness center and guest lounge.

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