The Boot Ranch Apartments added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio 

EPC Promecap Multifamily Partners V, LLC, a private investment vehicle co-managed by Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space and Promecap, S.A. de C.V. (“Promecap”), a leading private equity firm based in Mexico City, acquired The Boot Ranch Apartments, a 432-unit apartment community located in the Tampa-area suburb of Palm Harbor. Berkadia arranged financing through Fannie Mae, who provided a seven-year, fixed-rate loan.

With this acquisition, EPC expanded its footprint in the Tampa metro area and now owns and manages three properties in this market.

“Tampa has proven to be an exceptional market for multifamily by achieving a cumulative rent growth of 34.2% over the past three years,” said Rodrigo Conesa, Managing Principal at EPC. “This remarkable performance positions the Tampa metro area as the second-best market in the country in terms of rent growth, which is why it remains a significant market for our investment strategy.”

“Tampa’s favorable market fundamentals are particularly noteworthy in submarkets like Palm Harbor, which has high barriers to entry and exceptional access to Tampa’s major employment markets, entertainment centers and the beach,” added Fernando Pacheco, Managing Principal at Promecap. “Our intention is to expand on the seller’s capital program at the property and continue to improve the property’s appeal to its residents.”

Built in 1996, The Boot Ranch Apartments offers a diverse unit mix including 1-, 2-, 3-, bedroom, and extremely rare 4-bedroom apartment units, ranging from 743 square feet up to 1,456 square feet and providing the opportunity to cater to different tenant needs. Amenities include a fitness center, two swimming pools, a dog park, a clubhouse with a catering kitchen and social lounge, an outdoor grilling station, a tennis court, a basketball court, a children’s playground, and reserved boat and trailer parking. 

The community, located at 1350 Seagate Dr, Palm Harbor, provides convenient access to Tampa’s most prominent employment hubs, including the Gateway Office Market and Westshore Business District, which together employ more than 800,000 individuals. Additionally, the community’s location provides seamless connectivity to Downtown Clearwater, renowned for its entertainment venues and world-class beaches. The advantageous proximity to thriving employment hubs and entertainment centers further enhances the appeal of the property and its surrounding area, offering convenience and accessibility for residents.

In 2022, Tampa was named the number-one emerging tech city in the nation. In June 2023, it was also ranked among the top ten metros with the highest job growth in small businesses.

Windrift added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio

EPC Promecap Multifamily Partners V, LLC, a private investment vehicle co-managed by Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space and Promecap, S.A. de C.V. (“Promecap”), a leading private equity firm based in Mexico City, acquired Windrift Apartments, a 288-unit apartment community located in Orlando, Florida for an undisclosed amount. Berkadia arranged financing through Fannie Mae.

With this acquisition, EPC expanded its footprint in the Orlando metro area and now owns and manages four properties in this market.

“Orlando has one of the most dynamic economies in the Southeast, fueled by steady in-migration and a fast-paced population growth,” said Gerardo Mahuad, Managing Principal at EPC. “For the past three years, this market has consistently performed as one of the top multifamily markets in the country, which is why it remains a significant market for our investment strategy.”

Built in 1986, Windrift Apartment Homes offers a diverse unit mix from one-bedrooms ranging between 567 and 760 square feet, and two-bedroom apartments ranging from 912 to 1,077 square feet, providing the opportunity to cater to different tenant needs. Amenities include a fitness center, clubhouse with coffee bar, grill and picnic pavilion, playground, swimming pool, sundeck, outdoor kitchen, business center, soccer court, and dog park. 

Surrounded by three major highways, the community is remarkably connected to some of the City’s major top-employment cores including Downtown Orlando, Central Florida Research Park, and Orlando International Airport. The property is also close to a diverse selection of retail, dining, and entertainment available at Winter Park, Park Ave, and Lake Baldwin, and is just minutes from Valencia College East Campus and Advent Health East Orlando. The advantageous proximity to thriving employment hubs and entertainment centers further enhances the appeal of the property and its surrounding area, offering convenience and accessibility for residents.

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 40 multifamily residential properties containing over 9,680 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com

Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, and their partner, Belay Investment Group ("Belay”), announced the disposition of Captiva Club Apartments, a 361-unit apartment community located in Tampa-St. Petersburg, Florida.

“Tampa-St. Petersburg is a highly desirable multifamily market due to strong rental demand, population and job growth, and stable apartment occupancy. These solid market fundamentals combined with the execution of our repositioning strategy had a positive impact on the properties’ profitability, leading to a successful disposition,” said Rodrigo Conesa, co-founder and co-principal at Eagle Property Capital. “These are the results we aim to achieve for our investors by providing them with exceptional risk-adjusted returns.”

“Belay is pleased with our favorable exit at Captiva Club and grateful for having a strong partner in EPC, who displayed adeptness as asset managers while working with the Belay team to see our business plan through to execution” said Eliza Bailey, Co-Founder, Chief Executive Officer, and Chief Investment Officer at Belay. “Captiva Club marks our sixth successful disposition with EPC and serves as another example of an investment where positive market dynamics and solid real estate fundamentals underscore ownership’s commitment to providing quality cost-effective housing to local residents” said Cameron Chase, Vice President at Belay Investment Group.

EPC acquired the property in October of 2016 and worked with Belay to implement a thorough repositioning strategy that substantially improved the profitability of the property. During the approximately six-year hold period, EPC and Belay invested approximately $4.3 million in capital expenditures, completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. In the same period, the average leased rent per unit increased by 59.8% and revenue increased by 47.3%. The value creation driven by EPC and Belay also included upgrading the existing common areas and amenities, adding new amenities and services as well as implementing water and energy conservation programs. In addition, 17 new units were added to the property.

Captiva Club Apartments, located at 4401 Club Captiva Dr., was built in 1973 and includes one-, two- and three-bedroom floor plans, along with a clubhouse, two swimming pools, two dog parks, a business center, on-site laundry, and bilingual staff. It is located in West Tampa, just minutes from the water, 20 minutes from Downtown Tampa, and close to major highways and employment centers.

Colinas Ranch Apartments was acquired by EPC’s fourth investment fund in 2018

Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Colinas Ranch Apartments, a 160-unit apartment community, located in Irving northwest of Dallas-Fort Worth, Texas.  The Property was acquired by EPC Multifamily Partners IV, LLC (“Fund IV”) and RealtyMogul 89, LLC in October 2018.

“The repositioning strategy that we implemented had a direct and positive impact on the properties’ profitability, which allowed us to realize a significant capital gain on the investment through its disposition,” said Gerardo Mahuad, Managing Principal at Eagle Property Capital.  “Despite today’s real estate market conditions, the disposition of this asset demonstrates the success and effectiveness of our value-add strategy and capital improvement program.”           

Colinas Ranch Apartments, located at 3203 W Walnut Hill Ln. in Irving, was built in 1971.  EPC successfully implemented a thorough repositioning strategy that substantially improved the profitability of the value-add property.  The strategy included upgrading the apartment interiors, existing common areas and amenities, adding new amenities and services as well as implementing water and energy conservation programs. In addition, the property benefited from operating efficiencies that significantly reduced controllable expenses by being operated together with Grand Riviera, a neighboring property.

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 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com

Eagle Property Capital and Belay Investment Group close on the sale of Woodchase & Clarendon, an 18-structure, 266-unit community which they acquired in 2016

DALLAS – Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Woodchase & Clarendon, a 266-unit apartment community located in Irving, northwest of Dallas-Fort Worth, Texas.  EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC, acquired the asset in partnership with Belay Investment Group ("Belay”) in June 2016. It sold for an undisclosed price to Lion Real Estate Group.

“The repositioning strategy that we implemented had a direct and positive impact on the property’s profitability, which allowed us to realize a significant capital gain on the investment through its disposition,” said Gerardo Mahuad, Managing Principal at Eagle Property Capital.  “Although current market conditions pose challenges, the disposition of this asset demonstrates the success and effectiveness of our value-add strategy and capital improvement program.  We will continue to execute on our long-term investment strategy by identifying attractive value add investments.”   

“We are excited to have seen another investment through to fruition via our partnership with EPC and pleased not only to have achieved results exceeding the business plan, but to have played a role in contributing to the supply of quality attainable housing in the Dallas-Fort Worth Market” said Eliza Bailey, Managing Principal, CEO & CIO of Belay Investment Group.

Woodchase & Clarendon, located at 4050 & 3800 N. Beltline Rd. in Irving, was built between 1977 and 1983.  EPC’s renovation strategy included upgrading the apartment interiors, existent common areas and amenities, adding new amenities and services as well as employing water and energy conservation programs.

EPC owns 15 multifamily properties in the Dallas-Fort Worth market and remains an active investment and owner-operator in the region.

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 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com

Belay Investment Group, LLC is a women-owned and led real estate investment management firm that pursues debt and equity investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors.  Belay implements its investment strategies through long-term relationships with high caliber, local operating partners and sector specialists.  The firm has earned a reputation in the industry for supporting the growth and development of operators and managers (including diverse firms), beyond providing investment capital.  Visit www.belayinvestmentgroup.com for more information.

Vidalta Property Management, an affiliate of multifamily real estate investment firm Eagle Property Capital (EPC) celebrated the grand-opening of Pelican Lake Apartment Homes, a new apartment community in Clearwater, Fla. 

“We are excited to be opening this multifamily community to help meet the overwhelming demand for rental housing that continues to surge in the Tampa area,” said Vidalta’s SVP of Asset Management, Humberto Cubillos.  “We are looking to make a positive impact in this community by offering superior housing and customer service to our future residents.”

At the July 29 Open House, Pinellas Park Mayor Sandra Bradbury and other public officials participated in a ribbon cutting ceremony and discussed how this conversion addresses the housing needs of the City of Pinellas Park, and learned more about Pelican Lake Apartments, formerly the TownePlace Suites by Marriott.

“I am excited to celebrate the grand opening of Pelican Lake at a time when the need for rental housing for moderate-income families in Pinellas Park has never been greater,” said Mayor Sandra Bradbury, Mayor for the City of Pinellas Park, FL. “Projects such as these lend to the revitalization of our community, strengthening families and neighborhoods.”

Pelican Lake Apartments is the result of the transformation of the former TownePlace Suites by Marriott St. Petersburg Clearwater, which EPC acquired in April, along with the adjacent Residence Inn by Marriott. EPC is investing approximately $3.5 million in renovations involving the interiors and improve the overall amenities, including a state-of the-art fitness center, an outdoor gym and dog park. In addition, the community will feature a 4,200 square-foot of retail space available for leasing. The company is actively looking to partner with a local farmers market or bodega concept for the submarket.

Located at 13200 49th Street N, Clearwater, the two properties combined will offer a mix of 183 studio, one- and two-bedroom apartments ranging from 500 to 850 square feet, with rents starting at $1,250/month, along with a host of high-quality amenities in a sanctuary-like setting just 1.5 miles from St. Petersburg/Clearwater International Airport, and 25 minutes from both downtown Tampa and downtown Clearwater. In addition, Vidalta is also offering some completely furnished apartment homes.  The property welcomed its first residents on August 1, 2022.