Miami Apartment Investor Raises $300M for Sunbelt, Value-Add Properties
Miami-based Eagle Property Capital Investment has closed its latest multifamily investment vehicle, raising over $300 million. Eagle is partnering with Promecap, a Mexico City-based private equity firm, in order to target income-producing, value-add properties in Florida and Texas. The capital raised by the EPC Promecap Multifamily Partners V fund will allow for approximately $883 million in the acquisition of value-add multifamily communities.
The fund, launched in November 2021, targets cities with strong fundamentals and high Hispanic presence that have benefited and will continue to benefit from in-migration from other states, limited single-family supply, and favorable regulatory and tax environments. So far, it has acquired 10 assets in Florida and Texas, with additional communities slated to be included in the fund’s portfolio.
Launched by Fernando Chico Pardo in 1997, Promecap has more than $3.3 billion under management.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.