Company Release – 11/15/2018
Eagle Property Capital Announces Acquisition Activity of its Fourth Multifamily Fund
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of Colinas Ranch, a 160-unit multifamily property (the “Property”). The Property was acquired through a co-investment vehicle between EPC Multifamily Partners IV, LLC (“Fund IV”), as majority investor and Realty Mogul, as minority co-investor. The Property represents the second acquisition of Fund IV and the second co-invest that Realty Mogul makes with EPC.
The Property is located in the Irving submarket, a growing, employment-hub area within the Dallas – Fort Worth market, one of the fastest growing metropolitan areas in the United States. The Property’s location provides easy access to abundant retail and employment centers (Irving is home to many major corporations, including 22 Fortune 500 companies and 42 Fortune 1000 headquarters) and to the DFW International Airport (the fourth busiest airport in the world by aircraft movements) – all within 15 minutes
Las Colinas, an upscale developed area renowned for its Class A office, retail and residential building, is less than 5 miles away, and a variety of middle schools and high schools are within proximity of the Property. Furthermore, The Property is located 0.2 miles from Villas de Estancia, the first acquisition of Fund IV, generating a unique opportunity of value creation through operating efficiencies and complementary product offering.
The value-add business plan contemplates management improvements and physical upgrades to unit interiors, enhancing the exterior curb appeal, remodeling outdoor common areas and creating new amenity spaces.
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.
“We are very excited about the addition of Colinas Ranch to our growing portfolio in Dallas” said Gerardo Mahuad, Managing Principal at EPC. “We believe DFW MSA will continue to be a top performing market due to its strong fundamentals and diversified economy. Within Dallas, Irving benefits from two of the main economic engines of the MSA, Las Colinas and DFW Airport. EPC will implement a comprehensive repositioning program that will improve the exteriors, amenities and unit interiors” Mr Mahuad continued.
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 multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 23 multifamily residential properties containing over 5,000 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