Company Release – 07/02/2014
MIAMI, FL – Eagle Property Capital, LLC announced last week the acquisition of Riverview Apartments, a 304 unit multifamily community in Jacksonville, Florida for $8,834,063. 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. Riverview Apartments represents the fourth acquisition of Fund II.
Riverview Apartments is located in the Greater Arlington neighborhood; the property is conveniently located close to service retail and employment centers and within miles of three 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, upgrade interiors and improve recreational areas.
The acquisition was partially financed under a ten-year, 4.7% fixed rate loan.
About Nova Eagle Multifamily Property Fund II, LLC
Fund II acquires 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 June 30, 2014, Fund II owned four multifamily communities containing over 1,157 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 eight multifamily apartment communities comprising over 1,600 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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