Grand Riviera was acquired by EPC’s fourth investment fund in 2018
DALLAS (October 10, 2024) – Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager specializing in value-add multifamily assets, announced the disposition of Grand Riviera, a 206-unit apartment community located in Irving, northwest of Dallas-Fort Worth, Texas. The Property was originally acquired by EPC Multifamily Partners IV, LLC (“Fund IV”) and Realty Mogul 119, LLC in August 2018, with an indirect interest acquired by CINUK-EPC PJV, LLC in January 2020.
“During our ownership of Grand Riviera, we faced a series of formidable challenges, including the COVID-19 pandemic and eviction moratorium, severe hail and freeze storms, and a highly inflationary environment. These factors contributed to unanticipated capital expenditures and operational hurdles, compounded by property tax increases, and unprecedented rises in insurance costs,” said Rodrigo Conesa, Managing Principal at Eagle Property Capital. “Despite these headwinds, we successfully executed a comprehensive value-add strategy and repositioning program that significantly enhanced the property’s performance, leading to a successful sale,” he added.
Grand Riviera, located at 2877 W Walnut Hill Ln, Irving, Texas was built in 1972. As part of its strategic repositioning, EPC rebranded the property from its former identity, Villas de Estancia, and implemented extensive interior unit upgrades. In addition to modernizing the existing amenities—including a revamped leasing office, state-of-the-art fitness center, and upgraded pool area—EPC introduced new resident services and implemented water and energy conservation initiatives. These enhancements not only elevated the property’s appeal but also streamlined operations and reduced controllable expenses by optimizing shared resources with Colinas Ranch, a neighboring property also managed by an EPC-sponsored investment vehicle.
The successful sale of Grand Riviera underscores EPC’s commitment to delivering long-term value for its investors through disciplined asset management and strategic enhancements in challenging environments.
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 41 multifamily residential properties containing over 10,100 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com