Bella Vista offers 400 one- and two-bedroom units in Carrollton, Texas, a Dallas submarket.
Courtesy Eagle Property Capital Bella Vista offers 400 one- and two-bedroom units in Carrollton, Texas, a Dallas submarket.

EPC Promecap Multifamily Partners V, a private investment vehicle co-managed by Miami-based Eagle Property Capital Investments (EPC) and Mexico City-based private equity firm Promecap, has acquired three multifamily communities in the Dallas-Fort Worth metro.

“Apartment demand in Dallas-Fort Worth continues to be among the strongest in the country,” said Rodrigo Conesa, managing principal at EPC, a vertically integrated real estate investment manager focused on the multifamily value-add space. “At the same time, it remains one of the more affordable markets and an excellent environment for us to execute our value-add strategy in diverse neighborhoods with a strong need for workforce housing. We’re delighted to add these properties to our growing Dallas portfolio.”

The three communities—Bella Vista, Mustang Villas Apartments, and Prestonwood Apartment Homes—are located in the suburbs north of Dallas and are comprised of 840 units. With this acquisition, EPC owns and manages 17 communities in the metro area.

“We are excited to have acquired these three assets in the Dallas market, which continues to benefit from a thriving economy, low cost of living, and population growth,” said Fernando Pacheco, managing partner of Promecap. “The demand for housing and apartments will continue to be strong across the Sun Belt, and this city remains a key market for our investment strategy moving forward.”

Bella Vista, built in 1981, is a Class B value-add community in Carrollton and within the Dallas North Platinum Corridor. It includes 400 units with one- and two-bedroom floor plans ranging between 600 and 1,189 square feet. Amenities feature a swimming pool, a sports court, storage space, laundry, a barbecue and picnic area, and a fitness center.

Built in 1974, Mustang Villas Apartments is in Grapevine as well as only minutes from the Dallas-Fort Worth International Airport and other employment and retail destinations. It is comprised of 246 one-, two-, and three-bedroom units ranging between 530 and 1,310 square feet. Its amenities include a business center, a community room, a barbecue and picnic area, a playground, and a sports court.

Prestonwood Apartment Homes in Richardson includes 194 one- and two-bedroom units between 788 and 1,222 square feet. Built in 1979, the Class B community, which is near Medical City Dallas and Texas Health Presbyterian Hospital, features a swimming pool, a sauna, storage space, laundry, a business center, a barbecue and picnic area, a fitness center, and a playground.

EPC is a niche player in the multifamily space, demonstrating success in its focus on the middle-income Hispanic market, the fastest-growing demographic in the nation, according to the firm. It has launched seven investment vehicles with over $440 million in equity commitments and completed $985 million in transactional volume since its launch in 2011.