Eagle Property Capital has boosted its multifamily portfolio in Houston by scooping up three properties totaling 750 units within one month, shortly after disposing of a 264-unit community in the Texas metropolis.
A private investment vehicle raised and managed by the company acquired a portfolio of two Class A multifamily communities in northwest Houston from Trinity Private Equity Group in March. The fund, EPC Multifamily Partners IV LLC, purchased Champions Centre and Champions Park, two apartment properties within a half-mile of each other totaling 438 units.
Eagle Property Group said it would manage the properties as a single community. Champions Centre and Champions Park changed hands for $21.8 million and $26.9 million, respectively, according to Yardi Matrix data. The acquisition was financed in part by an agency mortgage loan that harnessed Freddie Mac’s green financing program.
The twin-asset purchase came after EPC Multifamily Partners IV acquired Landmark at Barker Cypress, a 312-unit community built in 2007. The fund bought the asset from Landmark Companies this past February. Located at 2931 Barker Cypress Road, the property is nearly 95 percent occupied.
The acquisition streak followed soon after Eagle Property Capital’s sale of The Huntington at Stonefield, a repositioned 264-unit community in the north of Houston, to real estate investment firm IB3 Realty Group.
Eagle Property Capital’s recent bets on Houston are intended to capitalize on the city’s strong economic fundamentals. A first quarter market report by Berkadia found that multifamily rents inched up by 1.5 percent year-over-year in the Houston metro area, as robust job growth propped up rental demand.
Eagle Property Capital is considering capital improvements to Champions Centre and Champions Park, including enhancements to the amenities and common areas, interior upgrades and measures to conserve water and energy.
Located at 13222 Champions Centre Drive, the 192-unit Champions Centre was built in 1994 and is currently almost 96 percent occupied, according to Yardi Matrix. Champions Park, located at 13050 Champions Park Drive, was built in 1992 and its 246 units are 93.5 percent occupied.
Both properties are located in the Louetta submarket of Houston. Together with Landmark at Barker Cypress, the three properties are the first acquisitions that Eagle Property Capital will self-manage.