TAMPA, FL – Eagle Property Capital Investments announced the acquisition of Captiva Club, a 344-unit multifamily property located in Tampa, FL. The Property was bought by EPC Multifamily Partners III, a private investment vehicle raised and managed by EPC. The Property represents the fourth acquisition for Fund III.

Tampa has one of the strongest fundamentals in the United States in terms of population, job, household income, and economic growth. The Tampa MSA has experienced the fourth highest employment growth rate in the nation, growing by 24.0% since 2009. The Property is conveniently located within the Westshore submarket with brilliant infill location and proximity to abundant employment, recreation, shopping and entertainment venues supporting a “Live, Work, Play” lifestyle. With 12.75 million square feet of office space, Westshore is one of Florida’s largest office markets and home to over 4,000 businesses and over 93,000 employees. Additionally, there are 6 million square feet of retail space, including two regional malls, 40 hotels and over 250 restaurants. The Tampa International Airport is just minutes away from the Property.

EPC will do a value add strategy to reposition the Property as “best in class” by making improvements and additional capital investments to exteriors, completing interior upgrades and improving amenities.

The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing an innovative green financing program where EPC commits to reducing water or electricity consumption at the Property by implementing green initiatives.

“We have had our eyes on Tampa for some time as part of our plot to expand into top high growth markets”, said Rodrigo Conesa, Partner at Eagle Property Capital Investments. “Captiva Club is an exceptional opportunity and a terrific way to enter the Tampa market in a highly sought after location on Westshore. We expect strong apartment fundamentals in Tampa to continue for a number of years. Our scalable platform will continue to facilitate our expansion”, Mr. Conesa continued.

Fund III buys repositions, rents and manages a portfolio of quality class B and C multifamily apartment communities in top growth metropolitan areas of the southern United States. With the acquisition of the Property, Fund III now has a portfolio of 1,103 apartment units in Florida and Texas.

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SANTA ANA, CA – First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, released the September 2016 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time and across the United States at national, state and metropolitan area levels. Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.

September 2016 Real House Price Index

Real house prices increased 1.0 percent between August 2016 and September 2016

Compared to September 2016, real house prices decreased by -2.0 percent.

Unadjusted house prices are expected to increase by 5.3 percent in September on a year-over-year basis.

Real house prices are 40.4 percent below their housing-boom peak in July 2006 and 19.9 percent below the level of prices in January 2000.

Unadjusted, the national price level is 0.9 percent away from the housing-boom peak in 2007.

Chief Economist Analysis: Wage Growth Offsets Impact of September Interest Rate Surge, Contributing to Increased Affordability in Most Major Markets

“While a small uptick in rates in September caused an increase in real house prices compared to August, it is vital to remember that mortgage rates remain at historically low levels. The low rates, combined with recent meaningful income gains, fueled an increase in consumer house-buying power, meaning affordability is at a quarter-century best,” said Mark Fleming, chief economist at First American. “Even as interest rates increase above 4 percent post-election, housing, on a purchasing-power adjusted basis, will continue to be more affordable than it was in the early 1990s.

“The 2017 conforming loan-limit increase announced last week was prompted by the fact that house prices have surpassed the pre-decline level established in the third quarter of 2007, according to the FHFA index,” said Fleming. “Nominally, the price recovery is officially complete, but in real purchasing-power adjusted terms, house prices are still far below the pre-decline peak. The underlying tale is consumer house-buying power is better than it has been in a generation.

“Affordability continues to increase in more markets than it is decreasing, including markets considered by many to be over-valued, like San Francisco, San Jose, New York, Washington and Boston. Conventional wisdom overlooks the impact that rising incomes can have on consumer house-buying power in a low-rate environment. Long-awaited increases in income levels are contributing to falling real house prices in many markets,” said Fleming.

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