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Eagle Property Capital (EPC) Announces Disposition of Multifamily Asset and Successful Ending of Strategic Partnership with Belay

Tampa, Florida (August 29, 2023) – Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, and their partner, Belay Investment Group (“Belay”), announced the disposition of Captiva Club Apartments, a 361-unit apartment community located in Tampa-St. Petersburg, Florida.

Captiva Club Apartments represented the sixth and final disposition of a programmatic joint venture formed between Belay and EPC in 2016 (“Belay EPC PJV”) which generated higher than anticipated returns for the parties.

Belay’s investment in Belay-EPC PJV was anchored by an equity commitment from a U.S. public pension fund. For over 15 years, Belay’s management team has pursued value-added real estate strategies in major U.S. markets through collaborative investment programs designed to ensure access to compelling investment opportunities through high caliber operating partners.

“Tampa-St. Petersburg is a highly desirable multifamily market due to strong rental demand, population and job growth, and stable apartment occupancy. These solid market fundamentals combined with the execution of our repositioning strategy had a positive impact on the properties’ profitability, leading to a successful disposition,” said Rodrigo Conesa, co-founder and co-principal at Eagle Property Capital. “These are the results we aim to achieve for our investors by providing them with exceptional risk-adjusted returns.”

“Belay is pleased with our favorable exit at Captiva Club and grateful for having a strong partner in EPC, who displayed adeptness as asset managers while working with the Belay team to see our business plan through to execution” said Eliza Bailey, Co-Founder, Chief Executive Officer, and Chief Investment Officer at Belay. “Captiva Club marks our sixth successful disposition with EPC and serves as another example of an investment where positive market dynamics and solid real estate fundamentals underscore ownership’s commitment to providing quality cost-effective housing to local residents” said Cameron Chase, Vice President at Belay Investment Group.

EPC acquired the property in October of 2016 and worked with Belay to implement a thorough repositioning strategy that substantially improved the profitability of the property. During the approximately six-year hold period, EPC and Belay invested approximately $4.3 million in capital expenditures, completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. In the same period, revenue increased by 47.3% and NOI increased by 30.0%. The value creation driven by EPC and Belay also included upgrading the existing common areas and amenities, adding new amenities and services as well as implementing water and energy conservation programs. In addition, 17 new units were added to the property. 

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 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit

About Belay Investment Group
Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit for more information.