Company Release – 02/20/2014
MIAMI, FL – Eagle Property Capital, LLC announced this week the acquisition of Cross Creek, a stabilized 292 unit multifamily community in Jacksonville, Florida for $8,710,000. The property was acquired by Nova Eagle Multifamily Property Fund II, LLC (“Fund II”), a private investment vehicle raised and managed by Eagle Property Capital. Cross Creek represents the third acquisition of Fund II.
Cross Creek is located within the northwest quadrant (Westside) of Jacksonville in the Lakeshore submarket, less than a mile from I-10 and I-295. The property is centrally located to thousands of jobs offered within Downtown Jacksonville, NAS Jacksonville, I-10 Corridor, and Cecil Commerce Center. Cross Creek is located close to service retail along Normandy Boulevard (e.g. Walmart, Publix, Kmart and Winn Dixie, etc.) and within miles of two other Eagle Property Capital communities which will complement the local portfolio by providing diversification by both location and price point.
Eagle Property Capital will execute its proprietary professional management standards and plans to make additional capital investments to exteriors, complete interior upgrades to the remaining unrenovated apartments, and improve recreational areas.
The acquisition was partially financed under a ten-year, 4.87% fixed rate loan.
Fund II acquires and operates class B and C multifamily apartment communities in top growth metropolitan areas of the Southern United States. Its objective is to create value through reposition, redevelopment and proprietary management. Fund II has equity commitments totaling approximately $25 million and can use leverage up to 60% of the value of its assets, allowing for an investment capacity of approximately $62.5 million. As of January 31, 2014, Fund II owned three multifamily communities containing over 850 apartment homes in Jacksonville, FL and Dallas, TX representing a total acquisition cost of over $26 million.
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 seven multifamily residential properties comprising over 1,300 apartment homes in Florida and Texas.
Forward-Looking Statements
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.
Source: http://www.multifamilybiz.com/PR/2208/Nova_Eagle_Multifamily_Property_Fund_II_Acquires_2…
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