CORAL GABLES, FL – Libra Group's Florida-based subsidiary, Elandis, and London-based asset manager M&G Investments have entered into a joint venture partnership to launch a multi-family platform.
The joint venture partnership focuses on US multi-family investments between the Libra Group and M&G Investments. The platform represents the entry of M & G Investments into the US multi-family market.
M&G Investments has initially committed $ 50 million in equity to the partnership to acquire and reposition undervalued multi-family communities across the Sunbelt region. The partnership plans to invest and grow beyond the initial equity commitment.
The platform is aimed at real estate in areas with high population and high employment growth such as Florida, North Caroline, South Carolina, Georgia, Texas and Nevada.
After acquiring assets, Elandis will work to maximize the value of each property through capital improvement programs and tenant loyalty programs.
“The opportunities within the apartment building sector have made it a preferred product type among a wide range of investors thanks to the strong fundamentals in the Southeast and Southwest,” said Frank Espinosa, CEO of Elandis. "With this partnership, we look forward to the success of this initiative and a future of sustainable growth."
Since 2009 Elandis has acquired 3,000 apartment buildings so far. With the additional capital and extensive additional resources, the property owner and property manager wants to leverage its decades of experience to raise high-yield assets in the Sunbelt states.
"We are extremely excited to enter into this partnership with Elandis and actively involve the American market," said William Nicoll, CIO for private and alternative assets at M&G Investments. "This is an encouraging time for multi-family investments and we look forward to working with Elandis on this endeavor."