Company Release – 11/20/2013
MIAMI, FL – Eagle Property Capital, LLC announced the acquisition of The Columns, a stabilized 244 unit multifamily community located in Jacksonville, Florida for $8,900,000. The property was acquired by Nova Eagle Multifamily Property Fund II, LLC (“Fund II”), a private investment vehicle raised and managed by Eagle Property Capital. The Columns represents the first acquisition of Fund II.
The Columns has an excellent location with good accessibility to employment centers and services. It is located south of Atlantic Blvd and east of University Blvd, and has great accessibility to Interstate 10, which runs east to west across the state of Florida, and Interstate 95, which leads to downtown Jacksonville, as well as south to South Florida and north to Georgia. The Atlantic Boulevard corridor provides residents with a variety of shopping and dining options including a Publix just one mile away.
The property was built in two phases in 1968 and 1972. It had significant capital expenditure in the past two years and especially in the past few months. Eagle Property Capital will execute its proprietary professional management standards and plans to make additional capital investments to exteriors, complete interior upgrades to the remaining unrenovated apartments, and improve recreational areas.
The acquisition was partially financed under a ten-year 4.90% fixed rate loan.
Fund II will acquire and operate class B and class C multifamily apartment communities in top growth metropolitan areas of the Southern United States. Its objective is to create value through reposition, redevelopment and proprietary management. Fund II has equity commitments totaling approximately $25 million and can use leverage up to 60% of the value of its assets, allowing for an investment capacity of approximately $62.5 million.
About Eagle Property Capital, LLC: Eagle Property Capital is a real estate investment manager engaged in the ownership, acquisition management and disposition of affordable multifamily apartments in the Southern United States. It currently manages six properties comprising 1,025 apartment homes in Florida and Texas.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Eagle Property Capital and its investment vehicles operate, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.
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