Eagle Property Capital Investments and Promecap have completed raising $309 million for an investment fund targeting multifamily properties in Sun Belt states.
Miami-based Eagle Property and Mexico City-based Promecap will use the fund to provide equity for the acquisition of about $883 million in apartment complexes, buildings and communities, according to a press release.
The joint venture launched the fund in 2021 and is specifically seeking properties that can be bought at a discount and that can be repositioned. Eagle, a real estate investment management firm led by managing principal Rodrigo Conesa, and Promecap, a private equity firm led by President Fernando Chico Pardo, have already purchased 10 multifamily properties for the fund’s portfolio.
Last year, the partnership acquired three apartment communities with a total of 850 units in the Dallas-Fort Worth area.
Since its inception in 2011, Eagle Property has acquired 41 multifamily properties with more than 10,000 apartments, primarily in Texas and in Florida, the release states. Founded in 1997, Promecap has more than $3.3 billion in assets under management.
Eagle Property is not the only Miami-based investment firm setting up a fund geared to underperforming and distressed properties. Last month, Highline Real Estate, led by founder David Moret, launched a $350 million fund that will target owners of distressed commercial real estate in the Southeast.The fund will provide equity and debt financing for landlords struggling to sell or finance office, retail, multifamily and industrial properties. The fund would also acquire distressed commercial assets.
In February, 13th Floor Investments, led by Arnaud Karsenti, initiated a $300 million fund focused on growing markets nationwide, as well as distressed properties in South Florida and elsewhere. 13th Floor plans to use proceeds from the fund to purchase a 2.4-acre development site in Ojus that the firm has under contract. The developer plans to build a multifamily project with up to 350 units.