Miami-based Eagle Property Capital Investments and Mexico City’s Promecap have made waves in the real estate realm by successfully raising a staggering $309 million for a dynamic investment fund specifically honing in on multifamily properties across the Sun Belt states.
The ambitious joint venture, announced via a press release, unveiled its intention to utilize this substantial fund to inject equity into the acquisition of approximately $883 million worth of prime apartment complexes, buildings and communities.
Their vision? Snapping up properties at discounted rates and implementing strategic repositioning to maximize their potential.
Rodrigo Conesa, the managing principal steering the ship at Eagle Property, alongside President Fernando Chico Pardo of Promecap, have wasted no time. Their collaboration has already secured a portfolio boost with the acquisition of 10 multifamily properties.
Notably, the partnership’s previous triumphs include the acquisition of three bustling apartment communities, totaling 850 units, nestled within the Dallas-Fort Worth area.
Eagle Property, with a track record since its 2011 inception, boasts 41 multifamily property acquisitions, encompassing over 10,000 apartments, predominantly strewn across Texas and Florida.
Meanwhile, Promecap, a heavyweight established in 1997, manages $3.3 billion in assets.
But Miami’s real estate frenzy doesn’t stop here. Joining the high-stakes game, Highline Real Estate, spearheaded by founder David Moret, recently unveiled a $350 million fund earmarked for distressed commercial real estate across the Southeast.
The fund aims to extend lifelines to landlords grappling with the sale or financing of office, retail, multifamily and industrial properties, alongside acquiring distressed assets.
Adding to the Miami flurry, 13th Floor Investments, under the helm of Arnaud Karsenti, set sail with a $300 million fund, eyeing burgeoning markets nationwide and distressed properties in South Florida and beyond.
The firm’s sights are set on a 2.4-acre development site in Ojus, earmarked for a multifamily project boasting up to 350 units.