Company Release – 08/26/2014
MIAMI, FL.–(BUSINESS WIRE)– Eagle Property Capital, LLC announced this week the acquisition of Silverado Apartments, a 184 unit multifamily community in Irving, Texas. 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. Silverado Apartments represents the fifth acquisition of Fund II.
Silverado Apartments is located in Irving, Texas, part of the Dallas/Fort Worth metropolitan area. The property is just 15 minutes of downtown Dallas, 15 minutes of DFW Airport, 30 minutes from downtown Fort Worth and close to service retail and employment centers. The community has easy access to Hwy 183 and Loop 12, with frontage to Interstate 30. Furthermore, Silverado is within miles of Sedona Ridge, another community owned by Fund II, which will complement the local portfolio by providing diversification by both location and price point. Dallas/Fort Worth is one of the nation’s fastest growing major markets in both population and employment.
Eagle Property Capital will execute its proprietary professional management standards and plans to make capital investments to upgrade exteriors and unit interiors.
The acquisition was partially financed under a ten-year, 4.565% fixed rate loan.
About Nova Eagle Multifamily Property Fund II, LLC
Fund II acquires and operates class B and C multifamily apartment communities in top growth metropolitan areas of the Southern United States. The goal is to create value through reposition, redevelopment and proprietary management. Fund II has equity commitments totaling approximately $27.3 million and can use leverage up to 60% of the value of its assets, allowing for an investment capacity of approximately $68 million. As of July 31, 2014, Fund II owned five multifamily communities containing over 1,341 apartment homes in Jacksonville, FL and Dallas, TX.
About Eagle Property Capital, LLC
Eagle Property Capital is a real estate investment manager engaged in the ownership, acquisition management and disposition of multifamily apartments targeting Hispanic communities in the Southern United States. Since 2011, Eagle Property Capital has invested in nine multifamily apartment communities comprising over 1,800 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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