IRVING, TX - Eagle Property Capital Investments announced the acquisition of Woodchase, a 74-apartment unit multifamily property, and Clarendon, a 192-apartment unit multifamily property located in Irving, Texas within Dallas / Fort Worth Metropolitan Area. The Properties are located a few yards from each other and therefore, operated as one to achieve efficiencies. The Properties were acquired by EPC Multifamily Partners III, a private investment vehicle raised and managed by EPC. The Properties represent the second acquisition of Fund III.
DFW has one of the strongest fundamentals in the United States in terms of population, job, household income and economic growth. The Properties are ideally located minutes from DFW International Airport, the tenth-busiest airport in the world and fifth busiest in the United States, in terms of annual passenger counts. Additionally, the Properties are in close proximity to the highly regarded, Class A, Las Colinas area. The location has easy access to all major thoroughfares travelling DFW, proximity to multiple employment centers and shopping and dining options including Irving Mall, Target, CVS, Burger King, Chipotle, among others.
EPC will execute a value add strategy to reposition the Properties as “best in class” by making improvements and additional capital investments to exteriors, completing interior upgrades to the remaining non-renovated apartments, and improving amenities.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate.
“The acquisition of Woodchase and Clarendon Apartments is another example of the opportunities we are able to identify to add high quality, well-located assets to our portfolio at prices well below replacement cost,” said Gerardo Mahuad, Partner at Eagle Property Capital Investments. “These assets should provide attractive risk adjusted returns on our investment. We expect strong apartment fundamentals in the foreseeable future. Our scalable operating platform will facilitate additional growth", Mr. Mahuad continued.
Fund III acquires repositions, rents and manages a portfolio of quality class B and C multifamily apartment communities in top growth metropolitan areas of the southern United States. With the acquisition of the Property, Fund III now has a portfolio of 588 apartment units.
Eagle Property Capital Investments is a real estate investment manager engaged in the ownership, acquisition, management and disposition of multifamily apartment properties in the southern United States. Since 2011, EPC and its affiliates have acquired 15 multifamily residential properties in Florida and Texas containing over 3,228 apartment units.