Eagle Property Capital and Belay Investment Group close on the sale of Woodchase & Clarendon, an 18-structure, 266-unit community which they acquired in 2016
Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Woodchase & Clarendon, a 266-unit apartment community located in Irving, northwest of Dallas-Fort Worth, Texas. EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC, acquired the asset in partnership with Belay Investment Group (“Belay”) in June 2016. It sold for an undisclosed price to Lion Real Estate Group.
“The repositioning strategy that we implemented had a direct and positive impact on the property’s profitability, which allowed us to realize a significant capital gain on the investment through its disposition,” said Gerardo Mahuad, Managing Principal at Eagle Property Capital. “Although current market conditions pose challenges, the disposition of this asset demonstrates the success and effectiveness of our value-add strategy and capital improvement program. We will continue to execute on our long-term investment strategy by identifying attractive value add investments.”
“We are excited to have seen another investment through to fruition via our partnership with EPC, and pleased not only to have achieved results exceeding the business plan, but to have played a role in contributing to the supply of quality attainable housing in the Dallas-Fort Worth Market” said Eliza Bailey, Managing Principal, CEO & CIO of Belay Investment Group.
Woodchase & Clarendon, located at 4050 & 3800 N. Beltline Rd. in Irving, was built between 1977 and 1983. EPC’s renovation strategy included upgrading the apartment interiors, existing common areas and amenities, adding new amenities and services as well as employing water and energy conservation programs.
About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit eaglepropertycapital.com.
Eagle Property Capital has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in Woodchase & Clarendon, Eagle Property Capital and its personnel have an incentive to make positive statements about Belay and the Woodchase & Clarendon apartment community.