In 2012 Encore acquired a defaulted mortgage out of bankruptcy at a 86% discount to peak (2005) purchase price of an entitled, undeveloped 550 acre parcel in a highly-desirable and growing residential area south of Jacksonville, FL. Encore developed a master planned community with over 800 lots for sale to six different homebuilders. The community was designed around a 14-acre man-made Crystal Lagoon and includes 2 schools, parks and outdoor areas, commercial/office space and a retail village with waterfront dining, shopping, recreation, and entertainment.
Master planned community featuring Crystal Lagoons® in Jacksonville, FL
In 2013 Encore partnered and acquired out of bankruptcy a large parcel of land entitled for over 4,500 lots at a 90% discount to peak 2007 valuation. Encore enhanced the previously approved site plan to differentiate the project and optimize absorption pace. Over 2,600 lots have been sold or are under contract with several of the largest homebuilders in the U.S., including a joint venture between Encore and a public builder to create an active adult community with 804 units.
Master planned community featuring a Crystal Lagoon® in Tampa, FL
In 2011 and 2013 Encore acquired the Community Development District (“CDD”) bonds collateralized by a master-planned community near Disney World in Orlando, Florida (“Reunion”). The bonds were acquired at a significant discount to face value. Encore sold off the performing bonds while foreclosing on the non-performing bonds to gain title to the land, and using the cash balance to develop the project. Encore developed its own vacation rental community which included 750+ homes, a clubhouse, and waterpark. Encore also developed and sold a 300+ unit apartment building on the site, and developed two golf course communities including one in conjunction with Jack Nicklaus (“The Bears Den”).
SINGLE FAMILY RENTAL
Vacation rental community includes 750+ homes, 300+ apartments, and amenities in Orlando, FL
In 2016 an affiliate of Encore* acquired 325 acres of entitled land in Rio Vista, CA, in the Sacramento River Delta (65 miles from San Francisco.) The land was originally approved in 2006 for large, higher priced ($800k) homes. Encore worked with the local municipality to enhance the entitlements, increasing the total lots from 663 in the original pro forma to 974. Encore then developed the land into finished lots which were sold to an entry-level homebuilder, thereby converting an abandoned parcel into a thriving community with record-setting home sales.
*The Liberty project was executed by Avila Encore Management, LLC, an affiliate of Encore Capital Management wholly owned by Tony Avila, one of the founders and co-owners of Encore Capital Management. Avila Encore Management, LLC is the sole recipient of any performance fees associated with the Liberty project. Encore Capital Management did not and will not receive performance fees for the Liberty project.
In 2019 Encore acquired 35 partially developed lots and four existing model homes within the Otay Ranch Village 2 community in Chula Vista, CA from a financially distressed seller. The fully entitled parcel is in a mostly built out community of 2,624 homes. The four model homes were refurbished and sold within three months of property acquisition and Encore is currently developing the remaining land into lots and/or homes.
Encore is partnering with Culdesac to create the first built from scratch car-free neighborhood in the U.S. This innovative design at a light-rail station includes 761 residential units with car-share, ride-share, eBike, eScooter, grocery, and food delivery all integrated into a mobility-first experience for its tenants. The first phase is already pre-leased with targeted opening in 2022.
*The Culdesac project was executed by Avila Encore Management, LLC, an affiliate of Encore Capital Management wholly owned by Tony Avila, one of the founders and co-owners of Encore Capital Management. Avila Encore Management, LLC is the sole recipient of any performance fees associated with the Culdesac project. Encore Capital Management did not and will not receive performance fees for the Culdesac project.
in Tempe (Phoenix), AZ
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