Eagle Property Capital Expands into Texas Market with 317-Unit Multifamily Acquisition
MIAMI, FL – Eagle Property Capital, LLC announced this week the acquisition of Sedona Ridge, a stabilized 317 unit multifamily community in Dallas, Texas. 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. Sedona Ridge represents the second acquisition of Fund II.
Sedona is located in the East Dallas submarket, and is geographically positioned near the intersection of the Northeast Dallas, Garland, and far East Dallas submarkets, providing great potential to reach a large number of prospective renters. Sedona is well located, near multiple retailers, restaurants and employment drivers in the area, providing residents great access to employment centers and service retail.
Sedona was built in 1983 and was extensively renovated between 2010 and 2012. 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 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 December 13, 2013, Fund II owned two multifamily communities containing 561 apartment homes in Jacksonville, FL and Dallas, TX representing a total acquisition cost of $17.25 million.
About Eagle Property Capital, LLC
Eagle Property Capital is a real estate investment manager engaged in the ownership, acquisition, management and disposition of affordable multifamily apartments in the Southern United States. Eagle Property Capital currently manages six properties comprising 1,025 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/2082/Eagle_Property_Capital_Expands_into_Texas_Market_w…
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