Company Release – 08/31/2018
EPC Acquires Villas de Estancia in Dallas-Fort Worth
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”), continuing its historically successful series of value add real estate investments, launched EPC Multifamily Partners IV, LLC (“EPC Fund IV”), its fourth multifamily fund, and announced the acquisition of Villas de Estancia, a 206-unit multifamily property (the “Property”).
The Property was acquired through a co-investment vehicle between EPC Fund IV, as majority investor and a co-investment vehicle owned and managed by Realty Mogul, a real estate crowdfunding platform (“Realty Mogul”), as minority investor.
During 2017 Dallas – Fort Worth (“DFW”) was the fastest-growing metropolitan area in the United States. With a current population approaching 7.4 million, DFW is the most populated metro area in Texas and the fourth largest in the country. DFW ranks number one in job growth in the nation and is home to 21 Fortune 500 companies.
The Property is conveniently located within the Irving submarket, one of the most desirable submarkets in DFW, which provides employment to more than 230,000 business professionals, making it the third-largest employment center in North Texas. Its proximity to Las Colinas, an upscale developed area and to DFW International Airport, has triggered rent increases in the submarket. During the last four years, rents have increased at a 6.7% CAGR.
EPC will execute a value-add strategy to reposition the Property as “best in class” by enhancing the amenity package, making capital improvement to exteriors, completing interior upgrades and executing other proprietary value-add strategies. EPC will change the name of the Property as part of the repositioning program.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing Fannie Mae’s green financing program where EPC commits to reducing water consumption at the Property by implementing green initiatives.
“The launch of EPC Fund IV has only been possible thanks to our investors, who have given us their support and trust. We have consistently demonstrated the ability to generate attractive risk adjusted returns for our investors, and we are confident that EPC Fund IV will be no exception. We are also very excited about partnering with Realty Mogul as co-investor in this acquisition and we hope to continue to work together in future acquisitions” said Gerardo Mahuad, Managing Principal of EPC. “Thanks to our strong presence in DFW we have developed a deep knowledge of the Irving submarket, and the acquisition of Villas de Estancia represents an ideal opportunity to implement our proven value add strategy and seed our Fund IV” added Rodrigo Conesa, also a Managing Principal of EPC.
About Eagle Property Capital Investments, LLC
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value add investment strategies through the acquisition, reposition, and management of Class B & C multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 22 multifamily residential properties containing over 4,930 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 EPC and its investment vehicles operate, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantee of future performance and involve certain risks and uncertainties, which are difficult to predict.
Eagle Property Capital Investments, LLC