Company Release – 10/30/2014
Nova Eagle Multifamily Property Fund II Acquires Core Dallas Properties: Glen Arbor and Westgate
MIAMI, FL.–(BUSINESS WIRE)– Eagle Property Capital, LLC announced this week the acquisition of 576 units located in Irving, Texas, within two adjacent Class B communities called Westgate and Glen Arbor (the “Properties”). The properties were acquired by Nova Eagle Multifamily Property Fund II, LLC (“Fund II”) together with a co-invest vehicle, both private investment vehicles raised and managed by Eagle Property Capital. With the acquisition of the Properties, Fund II is now fully invested.
The Properties are located in Irving, Texas, part of the Dallas/Fort Worth metropolitan area. The properties are just 20 minutes from downtown Dallas, 10 minutes of DFW Airport, 30 minutes from downtown Fort Worth and close to service retail and employment centers. The Properties are conveniently situated off the heavily travelled Belt Line Road. Furthermore, the Properties are within a few miles of Sedona Ridge and Silverado Apartments, other communities 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 by the assumption of a ten-year, 4.18% fixed rate loan.
About Nova Eagle Multifamily Property Fund II, LLC
Fund II acquired 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 October 22, 2014, Fund II owned seven multifamily communities containing over 1,671 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 11 multifamily apartment communities comprising over 2,376 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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