EagleCap Newsletter - July 🦅
- Jarom A Pratt
- Aug 26
- 3 min read
Welcome to Q3!
June was a turning point. Big players are backing out. Eviction laws are backfiring. EagleCap is doubling down—with new LOIs, faster leasing, and eyes on 100+ units. Here's what you need to know...
Summary
June was a big month for EagleCap:
Investors are offloading rentals in record numbers—find out why the Midwest and South are still hot zones for buyers.
Non-profit landlords are sounding the alarm as extreme eviction laws backfire—how this impacts EagleCap's Oregon operations.
EagleCap’s deal flow is surging with new LOIs submitted and our eyes on 100+ units by summer’s end.
Smaller investors are dominating the market—learn why big institutions are pulling back.
Leasing accelerates at Stoneridge and The Avenues—with smarter concessions and stronger rent targets driving NOI growth.
Market Update
Pressure Points & Shifting Dynamics
1. Investors Selling in Record Numbers
Over 509,000 homes were sold by investors in 2024—a 5.2% increase YoY, with sales outpacing purchases for the first time in years.
Smaller investors (under 10 properties) now dominate the space, accounting for 59.2% of investor buys, while large institutional players pulled back.
Most purchases were in affordable markets like the Midwest and South, where leverage is still viable despite high interest rates.
2. Tenant Protections Backfiring?
In cities like Seattle, extreme eviction restrictions are pushing even non-profit landlords to financial collapse.
Community Roots reported $4 million in unpaid rent, and violent tenants remain protected despite property damage and danger to others.
We feel this firsthand—for example, strict eviction rules in Oregon have made it difficult for EagleCap to remove a particular problem tenant, leading to two of their neighbors moving out, uprooting families, and directly affecting property performance.
With rental supply shrinking and properties being sold off, housing advocates are now begging for balanced reform.
Investor Opportunities
Growing Pipeline, Sharpened Focus
Expanding Relationships: Our deal flow surged in June as we deepened broker partnerships in Dallas-Fort Worth, Houston, and Boise—and finalized our go-to broker network in Ohio for targeted deal delivery.
More Capacity = Faster Execution: With the addition of a second analyst, we’re efficiently vetting a growing stream of potential investments.
Offers in Motion: We submitted 2 more offers last month and have more in the pipeline for early July.
On Track for Q3 Acquisition: Our goal is to have 100+ units under contract within the next 60 days, keeping us on pace to close a major deal by year-end.
We’re building momentum and plan to bring a strong opportunity to investors soon. Stay tuned.
Deal Activity
Stone Ridge Apartments
Leasing momentum continues with 3 new move-ins and more expected as we roll into the peak summer leasing season, with particular focus on college students arriving in late summer.
We are wrapping up punch list items and final unit checks before each tenant moves in.
We are averaging about 3 leases per month, which is a good pace. To further accelerate lease-up, we our reviewing incentives with the property manager, such as lowering security deposits for qualified applicants and free rent options.
The Avenues
2 more units completed and immediately filled by current tenants, freeing up their old units for renovation.
6 units remain, with plans to finish 2–3 more before summer ends, and the rest (plus exterior improvements) by March 2026.
Our new property manager is making a strong impact—renting units faster and pushing rent toward targets, testing $1,250 for 2-bed units vs. the current $1,200.
These operational improvements are keeping both projects on track and pushing NOI in the right direction.
Looking Ahead
Thanks for being part of the journey. Big moves are ahead, and we’re just getting started.
Cheers,
The EagleCap Team
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