Elandis Makes $50M Move In Houston Multifamily Market
Houston's perceived headline risk hasn't scared away international real estate firm Elandis. The company, part of the Libra Group, is acquiring approximately 1,000 units in four separate multifamily communities for $50M. The purchases bring the company's portfolio to just over 2,500 units and a total of more than 5.8M SF in its portfolio across Argentina, Brazil, the US, Panama, Uruguay and Spain.
Elandis COO Ted Lawson tells us he thinks Houston needs to hire a PR agent to combat the misleading negative headlines. He says Houston still has strong growth, especially in workforce housing, one of Elandis' specialties. The firm has been looking to make a move in Houston for months, finally finding the right opportunity with four communities that are all more than 90% occupied. The four porperties are Kirkwood Landing on South Kirkwood Road; The Forest on Imperial Valley Drive; Valencia at Spring Branch on Long Point Road, and Pine Creek on Maxey Road. The mature cash flow and value-add opportunities make them perfect for Elandis.
The move is part of the company's overall strategy to invest in southern states. It provides diversification to the portfolio, which includes property in Florida and Nevada. Texas' numerous opportunities and strong investment framework are major factors in the firm's decision to pursue further expansion in Texas.