FCA Purchases Texas Multifamily Complex in Joint Venture with Adams LaSalle
FCA closes on the Lodge of Baybrook in Friendswood, TX
WHEATON, Ill., (June 30, 2014) – First Capital Advisors, LLC (FCA) announced today that the company closed on the Lodge at Baybrook, a 322-unit apartment complex in Friendswood, TX, in a joint venture with Adams LaSalle Realty.
“Closing on this property is our second apartment complex deal as we continue to expand in this category,” said Chris Pope, Principal at FCA. “Also, this is our second deal with Adams Lasalle and we continue to build a relationship with a very good operating partner who has tons of experience in the Texas market.”
The 12 building complex was built in 1999 and sits on approximately 13.7 acres with 282,394 of gross leasable area. The property has 168 one bedroom/ one bath units and 136 two bedroom/ two bath units.
Friendswood is located south of downtown Houston and is about three miles from the Lyndon B. Johnson Space Center.
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.