ECA Acquires 20-Property Texas Multifamily Portfolio
Elowen Capital structured and sourced $101 million in total capitalization for ECA’s acquisition of a 20-property, 1,576-unit multifamily portfolio spanning 13 cities across Texas. The capitalization combines $94.2 million in senior and stretch senior bridge debt across two independent lenders with $6.7 million in limited partner equity.
The debt consists of interest-only bridge loans provided by RRA Capital and The Bancorp, structured to support both the acquisition and capital improvements at each asset. The business plan for ECA is to reposition the portfolio by investing heavily in interior and exterior improvements. The individual properties were built between 1999 and 2007.
The portfolio spans 13 Texas markets, with the largest concentrations in Longview (324 units), Dallas (176 units), and Houston (168 units).
The portfolio was acquired through transactions brokered by Andrew Mulhall of SVN AVAT Realty, Garret Huie of SVN Oak Realty Advisors, and Derek DeHay of Lument.
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout