Company Release – 03/04/2019
Eagle Property Capital Consolidates Presence in Houston Market
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of a 438-unit portfolio (the “Portfolio”) comprised by two Class-A-value-add multifamily properties: Champions Centre and Champions Park (together, the “Properties”) located in Houston, TX. The Portfolio was acquired by EPC Multifamily Partners IV, LLC (“Fund IV”), a private investment vehicle raised and managed by EPC. The Properties acquired represent the fourth and fifth acquisitions for Fund IV.
Houston has one of the strongest fundamentals in the United States in terms of population, job growth and overall economic growth. Ranking 6th as the largest economy of the nation in terms of GDP, Houston is known as the Energy Capital of the World, but it is also home to: (i) one of the nation’s biggest healthcare clusters, including the largest healthcare complex (e.g. the Texas Medical Center); (ii) the Nasa Lyndon Johnson Space Center and one of the nation’s most relevant aerospace clusters; and (iii) the nation´s largest U.S. export port.
The Properties are conveniently located in Northwest Houston, within the Willowbrook / Champions / Ella submarket, a rental pocket known for its affluent demographics and strong multifamily fundamentals. Strategically located next to multiple thoroughfares, the Properties offers easy access to abundant employment, education centers, and recreation, shopping and entertainment venues.
The Properties are located within a half mile from each other, creating the opportunity to manage them as a single community (currently they are being managed independently), resulting in significative operational economies of scale.
The value-add business plan contemplates management improvements and the execution of a capital expenditure program to improve amenities and common areas, implement an interior upgrade program, implement a water conservation program, pursue energy savings, among others.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing Freddie Mac’s green financing program which provides better loan pricing for the reduction in water/energy consumption at the Property by implementing green initiatives.
“We are very excited about the addition of Champions Centre and Champions Park to our growing portfolio in Houston. We are confident that Houston will continue to be a top performing market due to its strong fundamentals and diversified economy” said Gerardo Mahuad, Managing Principal at EPC. “In addition, the properties will be managed as a single community, representing an extraordinary opportunity of value creation through operating efficiencies” Mr. Mahuad continued.
About Eagle Property Capital Investments, LLC
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 26 multifamily residential properties containing over 5,800 apartment units.
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 EPC and its investment vehicles operate, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantee of future performance and involve certain risks and uncertainties, which are difficult to predict.
Eagle Property Capital Investments, LLC