First Capital Real Estate Trust to Purchase NorCal Residential Development Portfolio
First Capital Real Estate Trust Incorporated, a publicly registered non-traded REIT, agreed to purchase eight residential development properties in Northern California comprised of 2,026 single-family residential lots. The sellers are Evergreen Communities Inc. and La Jolla Pacific Investments LLC, two energy conscious home developers based in Roseville, California.
The master agreement provides for the acquisition of a mix of fee interest and contract rights for the properties. Closing is currently anticipated to occur in the fourth quarter of 2016.
“First Capital is thrilled to partner with Evergreen’s home building operation in Northern California. With the pent-up demand and surge pricing of this asset base, we feel this is an accretive investment for our shareholders,” said Suneet Singal, CEO and chairman of First Capital Real Estate Trust.
If the proposed transaction is consummated, the portfolio would be the second real property acquisition this year for First Capital.
First Capital Real Estate, based in New York City and founded in 2012, executes a dual investment strategy which seeks to generate both stable cash distributions and growth through the acquisition of stabilized, cash flowing real estate as well as value added and opportunistic assets. The company’s portfolio consists of various assets including land development, multifamily development, a gas station, hotels, medical offices, transitional housing, and business offices.