TAMPA, FL - 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.