Eagle Property’s Fund Acquires Multifamily Property for $8.9M
- Nov 27, 2013
Eagle Property Capital LLC recently announced the acquisition of a 244-unit multifamily community through Nova Eagle Multifamily Property Fund II.
The Columns is located in the western region of Arlington, south of Atlantic Blvd. and east of University Blvd. Fund II, the company’s second multifamily fund, is a private investment vehicle raised and managed by Eagle Property Capital.
Eagle Property Capital owns, acquires, manages and markets affordable multifamily apartments throughout the Southern U.S. The real estate investment manager currently has interest in six properties totaling 1,025 apartment homes in Florida and Texas. The acquisition of The Columns was partially financed under a 10-year, 4.90 percent fixed-rate loan and it represents the first transaction of Fund II.
The purpose of Fund II is to create value through acquiring, operating, repositioning, redeveloping and managing Class B and Class C multifamily apartment communities in top-growth metropolitan areas. The fund has an investment capacity of around $62.5 million with equity commitments totaling approximately $25 million and the potential to use leverage up to 60 percent of the value of its assets.
Developed in the late sixties and complemented in the early seventies, The Columns has been partially updated in the past two years. Eagle Property Capital intends to face-lift the unrenovated units and upgrade them from the inside as well. Plans also include improving recreational areas. The community is a short drive from downtown Jacksonville and the Atlantic Boulevard corridor also provides several shopping and dining opportunities including a Publix just one mile away. Interstates 10 and 95 are in close range, offering quick routes to virtually every Florida direction.
Photo credits: Landmark Apartment Trust