Mexico-based Promecap and Eagle Property Capital of Florida are expanding in Texas with their latest round of multifamily acquisitions.
The joint venture acquired three Dallas-Fort Worth area communities in suburbs north of Dallas: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista, according to the Dallas Morning News.
The deal involves a total of 840 units across Richardson, Grapevine and Carrollton. All three properties offer one- to two-bedroom apartments no larger than 1,310 square feet. Richardson, Grapevine and Carrollton are part of the booming North Dallas submarket.
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Dallas-Fort Worth “remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing,” said Rodrigo Conesa, managing principal at Eagle Property Capital.
EPC is a private investment vehicle co-managed by Eagle Property Capital Investments, a vertically integrated real estate investment manager in the value-add multifamily market. The Miami-based firm now owns and manages 17 properties in North Texas. Specializing in the middle-income Hispanic market–the fastest-growing demographic in the United States–EPC has launched seven investment projects with over $440 million in equity commitments since 2011.
Dallas “continues to benefit from a thriving economy, low cost of living and population growth,” said Fernando Pacheco, Managing Partner of Promecap. “The demand for housing and apartments will continue to be strong across the Sun Belt, and this city remains a key market for our investment strategy moving forward.”
[Dallas Morning News] – Maddy Sperling