The TownePlace Suites by Marriott & Residence Inn by Marriott
will be transformed into a 183-unit apartment community called “Pelican Lake”
to address the ongoing workforce housing shortage

Clearwater, Fla. (May 4, 2022) – Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, and its joint venture partner Promecap, a leading private equity firm based in Mexico City, announce the acquisition of two extended stay hotels in the Tampa Bay area that will be converted to apartments. EPC Promecap Multifamily Partners V, LLC (“Fund V”) acquired the 95-room TownePlace Suites by Marriott St. Petersburg Clearwater and the 88-room Residence Inn by Marriott St. Petersburg Clearwater. The properties are conveniently located just 1.5 miles from St. Petersburg/Clearwater International Airport, and 25 minutes from both downtown Tampa and downtown Clearwater.

EPC, an experienced multifamily owner-operator with a portfolio of over 6,600 apartment units (including 840 in the Tampa Bay area), intends to consolidate, reposition and rebrand the properties as “Pelican Lake Apartments.” It will offer a mix of 183 studio, one- and two-bedroom apartments ranging from 500 to 850 square feet, along with a host of resident amenities.

“This was an exciting and rare opportunity to expand our footprint in the Tampa market by taking two centrally located extended stay hotels and transforming them into much-needed workforce housing,” said Rodrigo Conesa, Managing Principal at Eagle Property Capital Investments. “Negotiations for these two hotels began during the peak of the COVID-19 crisis, allowing us to negotiate an attractive price for two high-quality properties that are ideally suited for conversion to apartments.”

Added Fernando Pacheco, Managing Principal at Promecap, “Located at the nexus of West and South Tampa, both bustling corporate hubs surrounded by large employers and close to major transportation corridors, these properties offer renters an excellent location close to thousands of jobs, along with cultural/entertainment destinations and the beautiful Gulf Coast beaches.”

Tampa Bay is the third-most popular city people are looking to move to, according to a 2022 data analysis from real estate firm Redfin. Tampa also saw rents increase approximately 30 percent year over year on account of population growth and strong demand.

Built in 1999, TownePlace Suites is located at 13200 49th Street North and Residence Inn, built in 1986, is located at 5050 Ulmerton Road. The combined properties consist of 14 three-story buildings and 209 parking spaces on 11.19 acres. About 70 percent of the hotel rooms will be converted to efficiencies or studio apartments; the remainder will be one- and two-bedroom apartments. Both properties offer a sparkling lake, fitness center, swimming pool, business center, clubhouse, BBQ area and outdoor kitchen, and laundry facility. Future improvements will include renovations to bring amenity and landscaping up to multifamily industry standards; renovation of unit interiors; and installation of approximately 30 carports.

Pelican Lake is located in Tampa, Florida’s second-largest metropolitan area, with over 3.2 million residents. It is home to the University of South Florida, MacDill Air Force Base, BayCare Health System and five Fortune 500 headquarters.

A niche player in the multifamily space, EPC has demonstrated success in catering to the middle-income Hispanic market, the fastest-growing demographic in the United States. According to data from the 2020 Census, the Hispanic or Latino population grew from 50.5 million (16.3% of the U.S. population) in 2010 to 62.1 million (18.7%) in 2020.  Fund V focuses its investment strategy on high growth cities with strong fundamentals and high Hispanic presence that have benefited and will continue to benefit from in-migration from other states, limited supply of single-family homes and favorable regulatory and tax environments.

Since 2011, EPC has launched seven investment vehicles with over $480 million in equity commitments and completed $1.1 billion in transactional volume. EPC’s historically successful track record includes producing above target returns to investors in four realized investment vehicles.

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About Eagle Property Capital Investments

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

About Promecap

Founded by Fernando Chico Pardo in 1997, Promecap is an institutional private equity firm based in Mexico City. To date, Promecap directly and through its private equity platform has completed over 70 investments and has more than US$3.3 billion in assets under management. Promecap is composed of a diverse team of seasoned investors with strong track record in multiple asset classes including structured debt, distressed assets, preferred equity and common equity through both private and public investments.

Orlando, Fla. (April 4, 2022) – EPC Promecap Multifamily Partners V, LLC (“Fund V”), 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 an apartment community in the Orlando Metro area: the 432-unit Venue at Winter Park.

“Orlando’s growth over the past five years has been phenomenal and it is occurring in all areas of the metro,” said Gerardo Mahuad Managing Principal at EPC. “This has created a truly ideal environment in which to live, work, play and invest. Economic, employment and population growth continue to drive demand for multifamily in Orlando, which is why it remains a key market for our investment strategy.”

With this acquisition, EPC now owns and manages three properties in the Orlando metro area.

“Orlando has one of the strongest fundamentals in the U.S. in terms of population, job growth and overall economic growth,” added Federico Chavez Peón, Managing Partner of Promecap. “The Orlando MSA has been gaining attention due to major demographic expansion during the pandemic, surpassing other fast-growing metro areas such as Atlanta, Austin and Tampa.”

Built in the 1970s and last renovated four years ago, Venue at Winter Park offers a diverse unit mix ranging from one- to three-bedroom floor plans, providing the opportunity to cater to different tenant needs. Amenities include a pool, fitness center, clubhouse and playground. Offering easy access to major employers and entertainment, Winter Park is located along a major thoroughfare located at the intersection of SR 436 and Aloma Avenue, allowing quick access to Orlando’s largest employers including AdventHealth Hospital Winter Park, Full Sail University and University of Central Florida.  The asset also benefits from proximity to Shops at Park Ave, and is conveniently located near Cady Way Trail, Winter Park’s premier biking, jogging and nature trail.

DALLAS (March 21, 2022) – EPC Promecap Multifamily Partners V, LLC (“Fund V”), 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 three communities in the Dallas-Fort Worth area: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista.

All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 840 apartments, resulting in significant economies of scale.

“Apartment demand in Dallas Fort-Worth continues to be among the strongest in the country,” said Rodrigo Conesa, Managing Principal at EPC. “At the same time, it remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing. We’re delighted to add these properties to our growing Dallas portfolio.”

With this acquisition, EPC now owns and manages 17 properties in the Dallas-Fort Worth metro area.

“We are excited to have acquired these three assets in the Dallas market, which continues to benefit from a thriving economy, low cost of living and population growth,” stated Fernando Pacheco, Managing Partner of Promecap. “The demand for housing and apartments will continue to be strong across the Sun Belt, and this city remains a key market for our investment strategy moving forward.”

Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport,

and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.

Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.

Bella Vista, another Class B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.

A niche player in the multifamily space, EPC has demonstrated success in catering to the middle-income Hispanic market, the fastest-growing demographic in the United States. Since 2011, EPC has launched seven investment vehicles with over $440 million in equity commitments and completed $985 million in transactional volume. EPC’s historically successful track record includes producing above target returns to investors in four realized investment vehicles.

DALLAS (March 21, 2022) – EPC Promecap Multifamily Partners V, LLC (“Fund V”), 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 three communities in the Dallas-Fort Worth area: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista.

All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 840 apartments, resulting in significant economies of scale.

“Apartment demand in Dallas Fort-Worth continues to be among the strongest in the country,” said Rodrigo Conesa, Managing Principal at EPC. “At the same time, it remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing. We’re delighted to add these properties to our growing Dallas portfolio.”

With this acquisition, EPC now owns and manages 17 properties in the Dallas-Fort Worth metro area.

“We are excited to have acquired these three assets in the Dallas market, which continues to benefit from a thriving economy, low cost of living and population growth,” stated Fernando Pacheco, Managing Partner of Promecap. “The demand for housing and apartments will continue to be strong across the Sun Belt, and this city remains a key market for our investment strategy moving forward.”

Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport,

and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.

Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.

Bella Vista, another Class B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.

A niche player in the multifamily space, EPC has demonstrated success in catering to the middle-income Hispanic market, the fastest-growing demographic in the United States. Since 2011, EPC has launched seven investment vehicles with over $440 million in equity commitments and completed $985 million in transactional volume. EPC’s historically successful track record includes producing above target returns to investors in four realized investment vehicles.

Acquisitions mark EPC’s entry into the Orlando multifamily market  

Orlando, Fla. (January 6, 2021) – Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, has acquired two apartment communities in the Orlando Metro area: the 210-unit Pendelton Park Villas and 100-unit Carlyle Court. Both assets were acquired by EPC Multifamily Partners IV, LLC (“Fund IV”), a private investment vehicle raised and managed by EPC. Along with EPC’s acquisition of the Arlington Hills Apartments in Dallas in early December, this marks the successful deployment of all equity in EPC Fund IV.

The properties are across the street from one another, creating the opportunity to manage them as one community. The properties together add-up to 310 apartments, resulting in significant operational economies of scale. EPC will consolidate operations and rebrand the entire community under the name “Sunset Place” and will implement a thorough repositioning strategy for both properties.

“The Orlando Metro area is experiencing unprecedent economic growth,” said Gerardo Mahuad, Managing Principal of EPC.  “It’s a top city for residents relocating making these two value-add assets an extremely attractive investment opportunity. Orlando’s rapidly growing population and employment market continues to drive demand for multifamily communities and consequently rent growth, so we’re pleased to make our debut in the Orlando market with two assets that offer plenty of upside potential and meet all of our value-add selection criteria.”

Both built in the 1970s and last renovated seven years ago, Pendelton Park Villas and Carlyle Court offer a diverse unit mix ranging from studios to three-bedroom floor plans – with Pendelton Park Villas being unique in the market for offering single-story villa product with a semblance to single-family residences.

Offering easy access to major employers and entertainment, Pendelton Park Villas and Carlyle Court are located along major thoroughfare Curry Ford Road nearby the intersection of Semoran Blvd., allowing quick access to Orlando’s major employment drivers. These employers include the Orlando International Airport, Downtown Orlando, AdventHealth East Orlando, the Orlando Regional Medical Center, Lake Nona “Medical City” and The University of Central Florida & Research Park.  Each asset is also centrally located to Orlando’s major entertainment districts including The Mall at Millenia, Universal Orlando Resorts, International Drive and Walt Disney World.

A niche player in the multifamily space, EPC has demonstrated success in catering to the middle-income Hispanic market, the fastest-growing demographic in the United States. According to data from the 2020 Census, the Hispanic or Latino population grew from 50.5 million (16.3% of the U.S. population) in 2010 to 62.1 million (18.7%) in 2020. Since 2011, EPC has launched seven investment vehicles with over $350 million in equity commitments and completed $712 million in transactional volume. EPC’s historically successful track record includes producing above target returns to investors in four realized investment vehicles.

Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Montecito Club, a 331-unit apartment community, and Arlington Hills, a 172-unit multifamily property located in Arlington, west of Dallas-Fort Worth, Texas. EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC, acquired both assets in 2016.  Montecito Club was acquired by APF Properties; Arlington Hills was acquired by EPC Multifamily Partners IV, LLC (“EPC Fund IV”), a private investment vehicle raised and managed by EPC.

“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 their disposition,” said Gerardo Mahuad, Managing Principal at Eagle Property Capital.  “Despite today’s challenging environment, the disposition of these two assets exemplify 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.”           

Montecito Club, located at 2001 S. Cooper St. in Arlington, was built between 1968 and 1979. Arlington Hills, located at 3200 S. Center St. in Arlington, was built between 1984 and 1990. EPC successfully implemented a thorough repositioning strategy that substantially improved the profitability of both value-add properties.  The 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.

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 33 multifamily residential properties containing over 7,900 apartment units and 4 more multifamily residential properties under contract that will add approximately 1,300 additional units to its portfolio. To learn more about EPC, visit www.eaglepropertycapital.com