Elandis, a real estate ownership and property management subsidiary of Libra Group, has launched a joint venture with international asset manager M&G Investments, based in London, to focus on U.S. multifamily assets.
M&G Investments has committed an initial $50 million in equity to the joint venture, which will focus on acquiring and repositioning undervalued workforce communities in the Sunbelt, particularly in markets with strong job growth and high populations, including Florida, Georgia, Nevada, North Carolina, South Carolina, and Texas. According to the firms, the plan is for the joint venture to invest and quickly grow beyond the initial equity commitment.
Elandis, which is based in Coral Gables, Florida, has acquired 3,000 multifamily units since 2009. It will leverage its track record and existing relationships across the Sunbelt as well as the capital infusion to acquire additional high-yielding assets in competitive markets.
“The opportunities within the multifamily housing sector have made it a preferred product among a variety of investors, thanks to strong fundamentals across the Southeast and Southwest,” said Frank Espinosa, CEO of Elandis. “Through this partnership we look forward to the success of this initiative and a future of sustained growth.”
Elandis plans to use its vertically integrated expertise of investment and management to maximize the value of each property through capital improvements and resident retention.
“We are extremely pleased to enter this partnership with Elandis and actively engage the American market,” said William Nicoll, chief investment officer of private and alternative assets at M&G Investments. “This is an encouraging time for multifamily investment, and we look forward to working alongside Elandis in this endeavor.”
