As 2025 approaches, we’re excited to share the latest updates from EagleCap. From market insights to operational progress, November has been a month of strategic focus and growth. Thank you for being part of our journey to achieve financial freedom through multifamily investments.
Summary
November has been a productive month at EagleCap:
Pendleton 33-Unit Project: Finishing touches are underway bringing us closer to listing condos for sale.
Hermiston 17-Unit Property: Renovations are full steam ahead, delivering updated units to families this holiday season while boosting neighborhood appeal.
New Acquisition Focus: In accordance with our long term strategic plan, we are shifting our efforts toward finding larger 50+ and 100+ unit deals to scale operations and deliver stronger returns.
Investor Opportunities: We’re gearing up for 2025 and looking to partner with new investors. If you know someone interested in learning more about multifamily investments, we would love to connect.
Market Update
The PNW
The Pacific Northwest market slowed slightly over Thanksgiving but has quickly regained momentum as December unfolds. Across the U.S., the multifamily market remains a strong investment choice, driven by continued demand for apartments amid housing shortages.
New Construction Developments
In today’s environment, most operators, including EagleCap, are focusing on buying over building. Rising construction costs and tighter financing have made it challenging to pencil new developments, but acquiring existing properties offers stronger potential for returns.
Multifamily Resilience
The market’s ebb and flow means we stay agile, adapting strategies to seize opportunities as they arise. Multifamily continues to prove its resilience as a high-demand asset class.
Deals
EagleCap has made a strategic pivot to focus on larger multifamily acquisitions, targeting 50+ unit properties and aiming for 100+ unit opportunities when possible. Here’s what we’ve been working on:
Market Analysis: We’ve completed an in-depth analysis of 30 multifamily markets nationwide. From this, we’ve identified three top markets where we plan to focus acquisitions in 2025.
Acquisition Pipeline: Our team continues to analyze new deals, screening hundreds of properties to identify opportunities that meet our conservative criteria.
As we look to 2025, we’re actively seeking new investing partners. If you know someone that would like to learn more about multifamily investments, now is the perfect time to connect them with EagleCap. Let’s grow together!
Projects
Pendleton 33-Unit Project
The Pendleton property is undergoing its final punchlist process. This is a significant step toward listing condo units for sale, marking a major milestone in this project. The transition from rentals to condos positions us to meet strong demand for homeownership in this market.
One specific item we were able to cross off the list recently was repaving the entrance to the property. This was partially required by the city but while we were at it we added to the scope and repaved some other problem areas. It was quite the chain of events that caused us to have to repave.
The process started with needing to cut a couple 6ft wide trenches through the driveway sidewalk to install new water and sewer lines from the street, up the driveway, to the building. Instead of being able to repair the 6ft sections of sidewalk, we were required to tear out and replace about 60ft of sidewalk to meet new ADA requirements. Because the new sidewalk did not slope up as much as the old sidewalk, the edge of the new sidewalk, where it meets the driveway asphalt, was much lower than the edge of the asphalt driveway. This led to the need to tear up the asphalt along the sidewalk, regrade the road base from the new level of the sidewalk, and repave. See some pictures at the link below.
Hermiston 17-Unit Property
In Hermiston, renovations continue at a rapid pace, ensuring that updated units are ready for families this holiday season. Highlights include:
Completed Units: Renovated spaces are being leased at double the original rents, a testament to the quality of the upgrades and the demand in this market. This past month we have been able to finish repairs, updates, and paint on the front of two more buildings (3 of 4 are now complete). We are focusing on the fronts of the buildings first to increase curb appeal and plan to repaint the sides and backs of the buildings in the spring.
We have also completed reroofing the first two buildings. We knew these shingles were well past their useful life (they basically crumbled when removing them) and were concerned with what kind of damage to the roof sheeting we might find when we tore them off. Fortunately, we only had to replace about 10 sheets of plywood sheeting due to damage. We are now on to reroofing the last two buildings, so fingers crossed.
Beautification: Exterior improvements and interior renovations are revitalizing the property, enhancing its value and the neighborhood. Moving forward we have started replacing old single pane metal windows in one building with modern vinyl windows like the other three buildings. The new windows really standout and give it the new modern look we need. See a link to pictures of the updates below.
Looking Ahead to 2025
As EagleCap looks to the future, our focus is clear: scaling through larger acquisitions, identifying the best markets, and building strong partnerships with investors.
Happy Holidays from the EagleCap Team!
We hope these newsletters have been interesting and helpful. We are grateful for the support and collaboration with many of you this year and we can’t wait to see what 2025 holds. From all of us at EagleCap, we wish you a Merry Christmas and a prosperous new year.
Warm regards,
The EagleCap Team
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