MIAMI, FL - Eagle Property Capital, LLC announced this week the disposition of Silverado Apartments, a 184 unit multifamily community in Irving, Texas. The property was sold by Nova Eagle Multifamily Property Fund II, LLC (“Fund II”), a private investment vehicle raised and managed by Eagle Property Capital. Silverado Apartments represents the first disposition of Fund II.
Eagle Property Capital successfully completed a value add program. The company renovated most of the unit interiors and secured significant rent increases. From Eagle Property Capital’s acquisition of the property on July 25, 2014 to its recent sale, net operating income increased by approximately 34%.
“We owned Silverado Apartments for less than two years. We executed on a capital improvement program that significantly enhanced the property’s appeal and operations. This transaction speaks to the strength of our execution capabilities,which translated into strong risk adjusted returns for our investors. We are very pleased with the outcome of the transaction and believe it illustrates our core capabilities of sourcing underperforming assets and creating value through operational improvements and comprehensive value add strategies.” said Rodrigo Conesa, Partner at Eagle Property Capital Investments. “We continue to believe in the long-term fundamentals of the multifamily industry. We will continue to leverage our insight, expertise and industry relationships to identify attractive value add investments. We are currently actively raising and investing our Fund III” Mr. Conesa continued.
About Nova Eagle Multifamily Property Fund II, LLC: Fund II focused on buying well-located, quality class B and C multifamily apartment communities in major markets throughout Florida and Texas that present significant upside potential through operational improvements and capital renovations. Prior to this transaction, Fund II owned an equity interest in 1,919 apartment units in Jacksonville, FL and Dallas, TX.
About Eagle Property Capital, LLC: Eagle Property Capital is a real estate investment manager engaged in the ownership, acquisition, operation, management and disposition of multifamily apartments targeting middle income families in the Southern United States. Since 2011, Eagle Property Capital has invested in 13 multifamily apartment communities comprising 2,969 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.