US: London-based asset manager M&G investments has teamed up with Elandis, a Florida-based subsidiary of the Libra Group to launch a multifamily platform.
The joint-venture partnership is M&G Investments’ entry into the US multifamily market. It has committed an initial $50 million in equity to the partnership, to be used to acquire and reposition undervalued multifamily communities. The partnership plans to invest and grow beyond the initial equity commitment.
The platform will target properties within high population and high job-growth areas, such as Florida, North Caroline, South Carolina, Georgia, Texas and Nevada.
Elandis will work to maximise the value of each acquired property through capital improvement and tenant retention programmes.
“We are extremely pleased to enter this partnership with Elandis and actively engage the American market,” said William Nicoll, CIO 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 endeavour.”
Elandis CEO Frank Espinosa said: “The opportunities within the multifamily housing sector have made it a preferred product type among a variety of investors, thanks to strong fundamentals across the Southeast and Southwest. Through this partnership we look forward to the success of this initiative and a future of sustained growth.”
