First Capital and affiliated entities contributed 28 assets to the REIT First Capital Real Estate acquires New York advisory firm in $175 million deal N EW YORK, NY — First Capital Real Estate Investments, and were made public via SEC Form 8K filing under United Realty Trust Incorporated.
ISSUE HIGHLIGHTS Volume 27 Issue 19 Oct. 16 - 29, 2015 FINANCIAL DIGEST Featuring... Title/Insurance
and United Realty Advisors, LP. Javier Vande Steeg and J. Tim Pruban were named as independent direc- tors and Anthony Arostegui of Downey Brand LLP was named general counsel. “This is a new and excit- ing chapter for First Capital, United Realty and the inves- tors we serve,” said Singal, “We look forward to sharing further exciting details in the coming months as we continue to broaden and expand our platform for the investment community.” n
First Capital and its affili- ates entered into an Asset Contribution Agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage proper- ties, various residential and commercial land for develop- ment, and contract rights to acquire 13 additional hotels and more than 1,000 multi- family units. The contributed assets exceed $175 million in value. Both transactions closed on September 15, 2015
“We are tremendously ex- cited about the acquisition of United Realty,” said Suneet Singal , CEO and chairman of First Capital, “We believe this transaction allows First Capital to expand our platform capabilities through the acqui- sition of a firm which shares our value-add and opportu- nistic investment philosophy.” As a result of the transaction, Singal was named CEO and chairman of the board of URTI
LLC (“First Capital”) , a Sacramento based real estate investment and finance firm, announced that it closed on the acquisition of United Realty Advisors, LP , the external advisor to United Realty Trust Incorporated (“URTI”) , a SEC-registered public non-traded REIT, and other affiliated entities (col- lectively, “United Realty”). Immediately prior to its ac- quisition of United Realty, PHILADELPHIA, PA — RittenhouseRealtyAdvisors announced the sale of the Hill House Apartments in the Chestnut Hill neighborhood in Philadelphia. The prop- erty consists of 188 apartment units and sold at a 4.1% T-12 CAP Rate and a price north of $40 million. The buyer, Equus Partners out of Philadelphia, plans a major renovation proj- ect that will include unit reno- vations along with extensive work to common areas. The property attracted an enormous amount of interest from both local private capital buyers as well as institutional buyers from across the coun- try. “We conducted over fifty property tours and more than twenty offers were submitted on the property,” said Corey Lawns by Yorkshire, Inc. Lew Corporation Liberty Paper & Janitorial Supply Co. Lockman, Inc. Luce, Schwab, & Kase, Inc. McCabe Environmental Services, LLC Metro Fire & Safety Equipment Co. Inc. Modern Group Monroe Infrared Technology, Inc. National Association of Power Engineers (NAPE) NAPE Educational Foundation (NAPEEF) National Water Main Cleaning Co. Palmer Asphalt Company Precision Work, Inc. Quality 1st Contracting Reliance Detection Technologies/ FloodMaster Safety Supplies Unlimited Sander Mechanical Service Security Resources, Inc. SERVPRO of Paramus Sherwin‐Williams Spartan Surfaces Surface Solutions Taurus International Corp. Tecogen, Inc. Universal EMS Wallico Maintenance Wascomat WCR, Inc. W stern Pest Services
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Rittenhouse Realty Advisors inks sale of Hill House Apartments in Philadelphia, PA for $40m
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Hill House Apartments
post renovations. Its excel- lent location provides tenants with easy access to the shops and restaurants of Chestnut Hill, along with easy access to SEPTA bus and train routes that allows for easy access to Center City, Philadelphia. Rittenhouse Realty Advi- sors has closed on north of $300 million in multi-family transactions since it opened in 2013. They focus on the sale of market rate apartments, student housing along with developable land with a multi- family component. n
Lonberger , a managing part- ner at Rittenhouse Realty Advisors who represented the property for the seller. The seller is based in Aus- tin, Texas. Through RRA’s marketing process they were able to generate interest from potential buyers from across the country and well as inter- nationally. “We had buyers as far west as California, as far south as Florida and even had a few pension funds interna- tionally that showed serious interest in the asset,” said Ken Wellar , also a managing part-
ner at RRA. Mark Duszak , director of RRA, added, “RRA’s unique marketing process al- lowed us to target the top three multi-family buyer types: in- stitutions, hybrid-capital and private capital. This resulted in a tremendous amount of interest, tours and offers.” Hill House is a trophy high- rise asset that rarely comes for sale in Philadelphia, let alone in Chestnut Hill, a well- established neighborhood with few high rise developments. It presented excellent upside potential for the new buyer
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