Eagle Property Capital Expands Footprint in Texas
Eagle Property Capital Expands Footprint in Texas
Company Release – 15/04/2018
EPC Multifamily Partners III Acquires
282 Apartment Unit Community in Irving, Texas
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of Sedona Park, a 282-unit multifamily property (the “Property”) located in Irving (Dallas – Fort Worth, TX MSA). The Property was acquired by EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC. The Property represents the seventh acquisition for Fund III.
Dallas – Fort Worth (“DFW”) is the second fastest-growing metropolitan area in the United States. DFW ranks #1 in Job Growth in the nation. It has a highly diversified economy that mitigates risk against potential downturns in each economic sector and is home to 21 Fortune 500 companies.
The Property is conveniently located within the Irving submarket, one of the most desirable submarkets in the Metroplex, the third-largest employment center in North Texas. Its proximity to Las Colinas, an upscale developed area and to DFW International Airport, has triggered rent increases in the submarket. During the last four years, rents have increased at a 6.7% CAGR.
EPC will execute a value-add strategy to reposition the Property as “best in class” by enhancing the amenity package, completing interior upgrades and executing other proprietary value-add strategies.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing an innovative green financing program where EPC commits to reducing water or electricity consumption at the Property by implementing green initiatives.
“We are confident that the strong fundamentals in Irving will continue to play in our favor”, said Gerardo Mahuad, Managing Principal at Eagle Property Capital Investments. “EPC currently owns two apartment communities within less than 2 miles from the Sedona Park, both are top performing assets within our portfolio. The lack of new supply and limited land for multifamily development will continue to impose high barriers to entry to the market”, 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 Class B & C multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 20 multifamily residential properties containing over 4,650 apartment units.
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 Investments 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.
Contact:
Eagle Property Capital Investments, LLC
info@epcinvest.com