First Capital Advisors and Lowe Enterprises Investors Closed on the Sale of Tacoma Area Apartment Homes
WHEATON, Ill., (October 15, 2015) – First Capital Advisors, LLC (FCA) purchased Deer Creek Apartment Homes in Puyallup, Washington, with joint-venture partner Lowe Enterprises Investors (LEI).
“The Seattle/Tacoma area is rapidly growing and maintains a very low vacancy rate,” said Chris Pope, CEO of First Capital Advisors. “This is our first multifamily property in Washington and we are excited to expand our portfolio to the West Coast.”
Deer Creek Apartment Homes is a 256 unit apartment complex located in Puyallup, Washington, approximately 10 miles outside of Tacoma and 35 miles south of Seattle. Built in 2000, the property consists of one, two, and three bedroom units with the majority having fireplaces and washer/dryers. Some units have been renovated that now have faux-wood flooring, updated countertops, new carpet, 6-panel doors, new fixtures, and 2-tone paint throughout the unit. LEI and FCA will continue the renovation program and also update community areas. Amenities include a fitness center, heated pool, tanning salon, and children’s play area.
The complex is located near major highways and has easy access to South Hill Mall, Pierce College, The Boeing Company, Amazon Fulfillment Center, and US Joint Base Lewis-McChord that employs over 66,000 military and civilian personnel.
“This is our second joint-venture deal with Lowe Enterprise and we look forward to working with them again as we continue to grow this relationship,” said Pope.
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $24 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. For more information about LEI, please visit: www.LoweInvestors.com
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. Established in 2013, FCA is an affiliate of First Trust Portfolios L.P., a financial services firm founded in 1991. As of Q3 2015, FCA owns, operates, and is invested in over 3,300 apartment units, more than 51,000 square feet of retail space, and 364,000 square feet of industrial space in 11 states. Additional information about First Capital Advisors can be found at the company’s website at fca-grp.com.