Belay Investment forms $269m multifamily partnership
Belay Investment Group has entered into a programmatic joint venture with Eagle Property Capital Investments to acquire and reposition up to $269 million of multifamily properties, primarily in select, high-density submarkets in Florida and Texas.
Simultaneously, Belay Investment Group acquired a 49 percent interest in five multifamily communities assembled by Eagle Property Capital Investments.
The joint venture, Belay-EPC PJV, will target class B and class C properties of more than 150 units. Eagle Property Capital is the sponsor of EPC Multifamily Partners III, which holds a 51 percent interest in the acquired portfolio and will co-invest alongside the Belay-EPC PJV for future acquisitions. Vidalta Property Management, wholly owned by EPC and its senior management team, will manage the properties and execute the value-enhancement strategies.
Belay’s investment in Belay-EPC PJV comes from Belay Partnership Ventures II, which is anchored by a $200 million com