Harper Grove added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio
Orlando, Fla. (March 31, 2025) – EPC Promecap Multifamily Partners V, LLC, a private investment vehicle co-managed by Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space and Promecap, S.A. de C.V. (“Promecap”), a leading private equity firm based in Mexico City, acquired Harper Grove, a 264-unit apartment community located in the Orlando-area suburb of Davenport, FL marking the successful deployment of all equity in Fund V.
With this acquisition, Fund V will be diversified across three different MSAs: Dallas-Fort Worth (43.2%), Orlando (38.3%), and Tampa (18.4%). This allocation provides a well-balanced portfolio across different markets.
The property will be acquired through a joint venture between Fund V (66% ownership) and Beacon Real Estate Group (“BREG”) (33% ownership). BREG, a commercial real estate firm specializing in multifamily, office, and retail properties across the Southeastern U.S., has over 50 years of industry experience since its founding in 1967.
Built in 2023, this property exceeds the standards of comparable assets with its premium materials, superior finishes, and low-density setting. Amenities include an expansive 11,000-square-foot clubhouse, an oversized gym, and two elevator banks per building. Unit interiors offer high-end features such as soft-close drawers, granite countertops, and spacious closets. Given its age and quality, the property is being acquired at an attractive cost basis, representing an estimated discount to replacement cost of 12.4%.
“Orlando is one of the fastest-growing markets in the United States, driven by strong population influx, job creation, and economic expansion, making this asset a very attractive investment opportunity.” said Gerardo Mahuad, Co-Founder and Managing Principal at EPC. “Orlando’s rapidly growing population and employment market continues to drive demand for multifamily communities and consequently rent growth, so we’re pleased to expand our footprint in the Orlando market with a new vintage asset offering an opportunistic return profile.”
“This acquisition provides the opportunity to purchase a brand-new product fully leased at a significant discount to replacement cost,” added Fernando Pacheco, Managing Principal at Promecap. “The property’s recent construction minimizes capital expenditure requirements and reduces execution risk, enhancing the Fund’s portfolio diversification.”
Harper Grove is strategically located in the rapidly growing Polk County submarket, southwest of Orlando, benefiting from strong economic and population growth. Polk County’s GDP has outpaced national averages, with significant household income growth projected to continue. Population expansion has been remarkable, making it Florida’s fastest-growing county and driving demand for housing, which already faces a supply shortage. The property enjoys proximity to top-rated schools, major entertainment hubs, and premier golf courses. Excellent highway connectivity links residents to Orlando and Tampa, while key industries such as logistics, healthcare, and tourism provide ample employment opportunities. Additionally, essential shopping and new commercial developments enhance convenience for residents, reinforcing Harper Grove’s appeal as a prime investment opportunity.
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About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 43 multifamily residential properties containing over 10,700 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com
About Promecap
Founded by Fernando Chico Pardo in 1997, Promecap is an institutional private equity firm based in Mexico City. To date, Promecap directly and through its private equity platform has completed over 90 investments and has more than US$3.9 billion in assets under management. Promecap is composed of a diverse team of seasoned investors with strong track record in multiple asset classes including structured debt, distressed assets, preferred equity and common equity through both private and public investments.