Company Release – 17/03/2022
Mustang Villas Apartments, Prestonwood Apartment Homes, and Bella Vista Added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio
DALLAS (March 17, 2022) – EPC Promecap Multifamily Partners V, LLC (“Fund V”), a private investment vehicle co-managed by Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space and Promecap, S.A. de C.V. (“Promecap”) a leading private equity firm based in Mexico City, acquired three communities in the Dallas-Fort Worth area: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista.
All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 880 apartments, resulting in significant economies of scale.
“Apartment demand in Dallas Fort-Worth continues to be among the strongest in the country,” said Rodrigo Conesa, Managing Principal at EPC. “At the same time, it remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing. We’re delighted to add these properties to our growing Dallas portfolio.”
With this acquisition, EPC now owns and manages 17 properties in the Dallas-Fort Worth metro area.
“We are excited to have acquired these three assets in the Dallas market, which continues to benefit from a thriving economy, low cost of living and population growth,” stated Fernando Pacheco, Managing Partner of Promecap. “The demand for housing and apartments will continue to be strong across the Sun Belt, and this city remains a key market for our investment strategy moving forward.”
Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport, and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.
Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.
Bella Vista, another Class B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.
A niche player in the multifamily space, EPC has demonstrated success in catering to the middle-income Hispanic market, the fastest-growing demographic in the United States. Since 2011, EPC has launched seven investment vehicles with over $440 million in equity commitments and completed $985 million in transactional volume. EPC’s historically successful track record includes producing above target returns to investors in four realized investment vehicles.
About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 36 multifamily residential properties containing over 8,750 apartment units and 2 more multifamily residential properties under contract that will add approximately 615 additional units to its portfolio. To learn more about EPC, visit www.eaglepropertycapital.com.
About Promecap Founded by Fernando Chico Pardo in 1997, Promecap is an institutional private equity firm based in Mexico City. To date, Promecap directly and through its private equity platform has completed over 70 investments and has more than US$3.3 billion in assets under management. Promecap is composed of a diverse team of seasoned investors with strong track record in multiple asset classes including structured debt, distressed assets, preferred equity and common equity through both private and public investments.