FCA Completes 2011 Buying Streak with 212 Tampa Units
- Dec 16, 2011
FCA Group, the North and Central American real estate investment and property management arm of global conglomerate the Libra Group, has announced that the company’s 2011 investments are now up to $75 million, following the recent purchase of 212 residential units in Tampa. The residences are part of the 264-unit Grand Pavilion residential estate, a sought-after community located near the University of Florida.
The units comprise 163,000 square feet of rentable space; the majority are already leased. The estate includes a clubhouse, swimming pool, gym and playground, as well as racquetball and sand volleyball courts. According to a company release, FCA plans on reinvigorating the property with capital contributions to the homeowners’ association and by dedicating focused management attention to the estate, while also taking full control of the association’s board and increasing its staff by six.
The purchase brought FCA’s condominium ownership throughout Florida to almost 500 units. “Our breakthrough in the Tampa residential market provides an important addition to our comprehensive portfolio,” said Frank Espinosa, FCA’s CEO, adding that “2011 has been a great year for us, and we have a number of major projects in the pipeline for next year, which is very positive.” FCA has invested more than $75 million in real estate this year, bringing its North and Central America portfolio to more than 700,000 square feet. Recent noteworthy transactions include 79 condominium units at Heron Pond in Pembroke Pines, Fla.; 94 condominium units at Crescent Cove in Coral Springs, Fla.; and the launch of the Grace Panama hotel development in Twist Tower, Central Panama, on behalf of fellow Libra subsidiary Grace Hotels.