April was full of movementāfrom expanding our deal flow in new markets to preparing our Pendleton property for a full community launch. Weāre staying disciplined, focused, and committed to bringing the right opportunities to the table.
Check it out below!
Summary
What was new at EagleCap in April?
Market Update: Mortgage rates remain high, overbuilt cities face continued pressure, but strong markets like San Antonio and Phoenix offer growing opportunities for smart investors.
Investor Opportunities: Deal flow is exploding in Idaho and Texas, and weāre working hard to secure the right opportunity for our investors.
Deal Activity: Weāve reviewed almost one thousand deals this year and remain committed to finding only the best opportunities for our investors.
Pendleton Project: Website launched and community open house planned for May 24 & 31ālocal buzz is building fast.
Market Update
Volatility, Vacancy, and Strategic Buying Opportunities
Mortgage Rates Stay High:
Despite softer inflation, mortgage rates remain between 6.5%ā7%.
Hedge fund "basis trades" caused a sell-off in Treasuries, spiking 10-year yields and pushing mortgage rates higher.
Result: Homes are sitting longer, price cuts are increasing, and buyer confidence is shaky.
Vacancy vs. True Availability:
Brokers often report only basic vacancy ratesābut true availability includes subleases, near-term expirations, and new construction.
Smart investors dig deeper:
Watch lease rollover risks.
Check for new projects flooding the market.
Don't overpay based on surface-level vacancy numbers.
City-by-City Outlook:
Dallas & Charlotte: Vacancy issues will likely continue through 2025 due to overbuilding.
San Antonio, Phoenix, Atlanta: These markets are nearing balanceādemand is expected to outpace new supply, supporting rent growth.
Texas Overall: Still strong population growth (+563K net migration in 2024), setting up long-term multifamily strength.
Key Takeaways:
Caution is warranted in overbuilt marketsābut they may offer discounted buying opportunities.
Understand true availability, not just vacancy.
Long-term fundamentals for multifamily remain strongāespecially in growth-focused markets.
Investor Opportunities
Deal flow is exploding as we continue to expand relationships in Idaho and Texas. With brokers seeing our serious intent, weāre now receiving a steady stream of new opportunities, including off-market properties that arenāt being widely shopped.
We submitted another offer in April, but the seller chose a different buyer.
Our team is working diligently to underwrite and pursue the best opportunities, not just what's available.
Weāre fully committed to getting a strong deal under contract and bringing high-quality investments to our network.
More opportunities are in the pipelineāstay tuned.
Deal Activity
Potential New Deals
Since the beginning of 2025, weāve reviewed almost one thousand potential deals across our target markets. Hereās how the pipeline breaks down:
<200 deals passed our initial screening criteria
25 deals made it to our in-depth underwriting process
3 offers submitted to date
0 deals accepted yetābut we are staying disciplined
We know exactly the numbers, returns, and quality weāre aiming for.
We are committed to finding the right deal, not just any deal, and will only move forward when the opportunity truly meets our standards for strong, stable returns.
Pendleton 33-Unit (Stone Ridge)
Our property manager is going all in on marketing and community engagement:
New Website: The Stoneridge property site is now live, showcasing the building and available units.
Curb Appeal Upgrades: Landscaping enhancements are underway to improve first impressions.
Community Open House:
Two weekend events planned for May 24 and May 31 from 11 AM ā 4 PM
Located at 2601 SW Hailey Ave, Pendleton, OR
Open to the public, with furnished model units, access to the clubhouse and fitness room, free hot dogs and brats, and games for kids
Promoted on local radio, with invitations extended to the mayor, city council, and chamber of commerce
The property has deep roots in the Pendleton community as a former Forest Service building, and thereās strong local interest in how it's been revitalized. This open house is both a celebration and a major marketing effort to bring in tenants and showcase the transformation.
Hermiston 17-Unit (The Avenues)
Not much new to report this monthābut steady progress continues.
Our new property manager is doing a great job, keeping unit turns on track.
Weāre expecting a surge in completed units this summer as good weather and workflow align.
More updates to come soon as momentum builds.
Looking Ahead
Curious about multifamily investing or want to get more involved this year?
Chat with us to talk through your goals
Visit our website to learn more: eaglecapinvesting.com
Or share this newsletter with a friend whoās interested in building wealth through real estate
Stay on the lookout for more from EagleCap!
All the best,
The EagleCap Team