Company Release – 02/18/2015
Eagle Property Capital Acquires Huntington at Stonefield
MIAMI, FL.–(BUSINESS WIRE)– Eagle Property Capital, LLC (“EPC”) announced this week the acquisition of Huntington at Stonefield, a 264 unit garden style multifamily community in Houston, Texas (the “Property”). The property was acquired by a private investment vehicle raised and managed by EPC.
The Property is strategically located in North Houston, with convenient access to the FM 1960 Corridor, the Greenspoint District, and The Woodlands. The Property is located within ten miles from George Bush Intercontinental Airport via the Sam Houston Tollway (the Beltway 8), Interstate 45 and the Hardy Toll Road. The Property is located less than a mile west of Interstate 45 and four miles from the Hardy Toll Road. The Property is nestled right off of Kuykendahl Road, which has an average daily traffic count of over 22,000. The Property has an excellent location, just north of the Greenspoint District with over 66,000 employees and 4,000 businesses.
Eagle Property Capital will execute its proprietary professional management standards to reposition the Property as “best-in-class” and plans to make capital investments to upgrade the Property’s exteriors and upgrade unit interiors. The Property will be managed by Nova Eagle Trace, LLC.
The acquisition was partially financed by an agency mortgage loan with ten-year term, 30-year amortization and 4.07% fixed rate interest.
“EPC believes in the long-term market fundamentals of Houston, Texas. The city has perfect fit with our target market. Current short term market uncertainty due to reduced oil prices presents an excellent opportunity to acquire quality assets at attractive valuations that otherwise would never be sold” EPC Management Team mentioned.
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 12 multifamily apartment communities comprising over 2,640 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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