Eagle Property Capital (EPC) and Belay Funding Group Announce Disposition of Multifamily Asset in Tampa-St. Petersburg Market

Tampa, Florida (August 30, 2023) – Eagle Property Capital Investments, LLC (“EPC”), a vertically built-in actual property funding supervisor targeted on the value-add multifamily area, and their companion, Belay Funding Group (“Belay”), introduced the disposition of Captiva Membership Residences, a 361-unit residence group situated in Tampa-St. Petersburg, Florida.
“Tampa-St. Petersburg is a extremely fascinating multifamily market resulting from sturdy rental demand, inhabitants and job development, and secure residence occupancy. These stable market fundamentals mixed with the execution of our repositioning technique had a constructive affect on the properties’ profitability, resulting in a profitable disposition,” mentioned Rodrigo Conesa, co-founder and co-principal at Eagle Property Capital. “These are the outcomes we intention to attain for our buyers by offering them with distinctive risk-adjusted returns.”
“Belay is happy with our favorable exit at Captiva Membership and grateful for having a powerful companion in EPC, who displayed adeptness as asset managers whereas working with the Belay crew to see our marketing strategy by to execution” mentioned Eliza Bailey, Co-Founder, Chief Government Officer, and Chief Funding Officer at Belay. “Captiva Membership marks our sixth profitable disposition with EPC and serves as one other instance of an funding the place constructive market dynamics and stable actual property fundamentals underscore possession’s dedication to offering high quality cost-effective housing to native residents” mentioned Cameron Chase, Vice President at Belay Funding Group.
EPC acquired the property in October of 2016 and labored with Belay to implement a radical repositioning technique that considerably improved the profitability of the property. Through the roughly six-year maintain interval, EPC and Belay invested roughly $4.3 million in capital expenditures, accomplished substantial exterior and inside unit renovations, decreased unit vacancies, and elevated common month-to-month rents on occupied models. In the identical interval, the common leased lease per unit elevated by 59.8% and income elevated by 47.3%. The worth creation pushed by EPC and Belay additionally included upgrading the prevailing widespread areas and facilities, including new facilities and companies in addition to implementing water and vitality conservation packages. As well as, 17 new models had been added to the property.
Captiva Membership Residences, situated at 4401 Membership Captiva Dr., was inbuilt 1973 and consists of one-, two- and three-bedroom ground plans, together with a clubhouse, two swimming swimming pools, two canine parks, a enterprise heart, on-site laundry, and bilingual workers. It’s situated in West Tampa, simply minutes from the water, 20 minutes from Downtown Tampa, and near main highways and employment facilities.

About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically built-in actual property funding supervisor pursuing value-add funding methods by the acquisition, reposition, and administration of multifamily residence properties in Florida and Texas. Since 2011, EPC and its associates have acquired 39 multifamily residential properties containing over 9,300 residence models. To study extra about EPC, go to www.eaglepropertycapital.com

About Belay Funding Group
Belay Funding Group, LLC is an actual property funding administration agency that pursues fairness and debt funding alternatives throughout all property sorts, primarily middle-market infill properties in city/suburban transit hub markets, on behalf of its institutional buyers. Belay implements its funding methods by long-term programmatic relationships with excessive caliber, native working companions and sector specialists. The agency has earned a status within the trade for supporting the expansion and improvement of operators (together with numerous corporations), past offering funding capital. Go to www.belayinvestmentgroup.com for extra data.

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