EPC Promecap Multifamily Acquires Florida Apartment Community
EPC Promecap Multifamily Partners V LLC, a private investment vehicle co-managed by Eagle Property Capital Investments LLC, and Promecap, S.A. de C.V., a private equity firm, acquired The Boot Ranch Apartments, a 432-unit apartment community located in the Tampa-area suburb of Palm Harbor, Florida.
The company’s acquisition is financed through Fannie Mae, who provided a seven-year, fixed-rate loan.
With this acquisition, EPC expanded its footprint in the Tampa metro area and now owns and manages three properties in this market.
“Tampa has proven to be an exceptional market for multifamily by achieving a cumulative rent growth of 34.2% over the past three years,” said Rodrigo Conesa, managing principal at EPC. “This remarkable performance positions the Tampa metro area as the second-best market in the country in terms of rent growth, which is why it remains a significant market for our investment strategy.”
Built in 1996, The Boot Ranch Apartments offers a unit mix including 1-, 2-, 3-, bedroom, and 4-bedroom apartment units, ranging from 743 square feet up to 1,456 square feet. Amenities include a fitness center, two swimming pools, a dog park, a clubhouse with a catering kitchen and social lounge, an outdoor grilling station, a tennis court, a basketball court, a children’s playground, and reserved boat and trailer parking.
The community, located at 1350 Seagate Dr, Palm Harbor, provides access to Tampa’s various employment hubs, including the Gateway Office Market and Westshore Business District, which together employ more than 800,000 individuals. Additionally, the community’s location provides connectivity to Downtown Clearwater, which has a variety of entertainment venues and beaches.
Eagle Property Capital Investments is a 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 41 multifamily residential properties containing over 10,123 apartment units.
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