Company Release – 10/03/2016
Eagle Property Capital Expands into Tampa Market
EPC Multifamily Partners III Acquires 344 Apartment Units in Tampa, FL
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of Captiva Club, a 344-unit multifamily property (the “Property”) located in Tampa, FL. The Property was acquired by EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC. The Property represents the fourth acquisition for Fund III.
Tampa has one of the strongest fundamentals in the United States in terms of population, job, household income, and economic growth. The Tampa MSA has experienced the fourth highest employment growth rate in the nation, growing by 24.0% since 2009. The Property is conveniently located in the Westshore submarket with excellent infill location and proximity to abundant employment, recreation, shopping and entertainment venues supporting a “Live, Work, Play” lifestyle. With 12.75 million square feet of office space, Westshore is one of Florida’s largest office markets and home to over 4,000 businesses and over 93,000 employees. Additionally, there are 6 million square feet of retail space, including two regional malls, 40 hotels, and over 250 restaurants. The Tampa International Airport is just minutes away from the Property.
EPC will execute a value-add strategy to reposition the Property as “best in class” by making improvements and additional capital investments to exteriors, completing interior upgrades and improving amenities.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing an innovative green financing program where EPC commits to reducing water or electricity consumption at the Property by implementing green initiatives.
“We have had our eyes on Tampa for some time as part of our plan to expand into top high growth markets”, said Rodrigo Conesa, Partner at Eagle Property Capital Investments. “Captiva Club is an exceptional opportunity and a terrific way to enter the Tampa market in a highly sought after location on Westshore. We expect strong apartment fundamentals in Tampa to continue for a number of years. Our scalable platform will continue to facilitate our expansion”, Mr. Conesa continued.
Fund III acquires repositions, rents and manages a portfolio of quality class B and C multifamily apartment communities in top growth metropolitan areas of the southern United States. With the acquisition of the Property, Fund III now has a portfolio of 1,103 apartment units in Florida and Texas.
About Eagle Property Capital Investments, LLC
Eagle Property Capital Investments is a real estate investment manager engaged in the ownership, acquisition, management and disposition of multifamily apartment properties in the southern United States. Since 2011, EPC and its affiliates have acquired 17 multifamily residential properties in Florida and Texas containing over 3,750 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 Eagle Property Capital Investments 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.