WHEATON, Ill., (July 28, 2017) – First Capital Advisors, LLC (FCA) announced the disposition of Clarendon Arms Apartments, an 84-unit, value-add property located in the highly desirable Chicago suburb of Clarendon Hills, Illinois.
“This was our company’s first sale of a solely managed multi-family property,” said Chris Pope, CEO of First Capital Advisors. “The value-add program, phenomenal school districts, and easy access to downtown made Clarendon Arms an attractive investment to buyers.”
Clarendon Arms Apartments was acquired in January 2015. FCA’s affiliate group, FCA Asset Management, oversaw the complex making it the first self-managed property in the company’s portfolio.
During the two and a half years of ownership, FCA integrated a value-add program that included upgrading approximately 30 units. The upgrades included faux-wood flooring, countertop refinishing, new appliances, updating bathrooms, replacing light fixtures, hardware, and two-toned paint. At the time of the sale, the property was 100% occupied.
“FCA and FCA Asset Management were able to do a substantial amount of work in a short amount of time demonstrating our ability to successfully deploy a value-add program,” Pope said. “This sale provides us with the opportunity to continue acquiring multifamily properties in our target markets and providing a great return to our investors.”
First Capital Advisors, LLC is a fully integrated, self-administered and self-managed real estate investment firm focusing on the acquisition, ownership, and management of high quality real estate throughout the United States. First Capital is an affiliate of First Trust Portfolios L.P., a financial services firm founded in 1991. Additional information about First Capital Advisors can be found at the company’s website at fca-grp.com.