The FCA Group announced today that it has acquired no less than 222 residential condos. This represents the great majority of the 291-unit Jasmine at Tamarac community in Tamarac, Florida.
Jasmine at Tamarac was originally built 25 years ago ? back in 1987 ? as a multi-rental family community before undergoing a truly spectacular renovation and conversion program six years ago in 2006. Offering spectacular views of the surrounding golf course of Colony West Country Club as well as a very tranquil waterway, the community is comprised of a mixture of one- and two-bedroom units together with a common area lounge, an exercise room, two pool facilities, and a theatre room. The property is located about 20 minutes away by motor vehicle from both the Nova Southeastern University in Davie and Fort Lauderdale.
"With this transaction we have applied our expertise to bring about a deal with full financing in a very short space of time and on favorable terms for all parties involved," says the chief executive officer of the FCA Group, Frank Espinosa. "Jasmine provides the opportunity to continue building our Florida portfolio, which is rapidly approaching well over 1,000 units. The historically high occupancy rate at Jasmine along with its enviable location makes this a very strong addition to the FCA portfolio in North America."
Jasmine brings the FCA Group's portfolio within the Miami region to 400 condos. It both owns and operates the condos, having purchased around 200 units two years ago, in 2010, at two nearby, similar properties: Heron Pond in Pembroke Pines and Crescent Cove in Coral Springs. The FCA Group has also been very active in the Tampa market.