WHEATON, Ill., (September 4, 2014) – First Capital Advisors, LLC (FCA) closed on the sale of Ashley Club and Arbor Club, both located in Pensacola, Fla., with joint-venture partner ApexOne Investment Partners.
“We are very excited to enter the Florida multifamily market as it has long been a target market for us,” said Chris Pope, CEO of First Capital Advisors. “Our joint venture partner, ApexOne has done numerous deals throughout Florida and we look forward to expanding our relationship with them in this market and others throughout the southeast.”
Ashley Club is a 224 unit, garden-style complex located near Escambia Bay and only four miles away from downtown Pensacola. Ashley Club offers one and two bedroom units with private balconies. The property has numerous amenities including: swimming pool, hot tub, car care center, fitness center, laundry facility, tennis court, bark park, and outdoor cooking/ dining area.
Arbor Club is a 168 unit, garden-style complex located near Pensacola International airport. The property features one and two bedroom units with large closets and private balconies. It also have a variety of amenities such as a swimming pool, hot tub, bark park, tennis court, and car care center.
Both of the properties are in close proximity to three collages that has a combined enrollment of over 28,000 students. Each property has a value-add opportunity, with some units at both locations already renovated, that ApexOne and FCA will continue.
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 www.fca-grp.com.