Firm Capital American Realty Partners & Avid Realty Partners Acquire Multifamily Property in Houston, TX
Announces joint venture acquisition of 235-unit Multifamily Property in Houston, TX; High in-place Cap-Rate, attractive purchase price, and Value-Add strategy should combine to deliver robust risk-managed investment returns.
By: Avid Realty Partners LLC, Firm Capital
Firm Capital American Realty Partners Corp., led by President & CEO Kursat Kacira, brought 80% of the project's equity, including a tranche of fixed-rate equity that acts like preferred debt with no upside profit participation, thereby enhancing Investor IRR metrics. Mr. Kacira said, "We are pleased with the economics of this deal and the seasoned team running the property, and we expect to place more capital in key growth markets in 2018." Avid Realty Partners LLC sourced the deal and brought 20% of the equity capital to the project. Avid Realty Partners LLC was assisted with its portion of the transaction by Eclipse Capital Partners LLC's Kent Piotrkowski and Tasmanian Investments LLC's Mark Kuster. Institutional Property Advisors was the brokerage firm that listed the property for sale. South Street Real Estate assisted in placing the Fannie Mae debt through Hunt Mortgage Group. Importantly, the Joint Venture has engaged Roscoe Properties (http://www.roscoeprop.com/)
Firm Capital American Realty Partners Corp. is focused on acquiring income producing U.S. real estate assets in major cities across the United States. Acquisitions are completed solely by the Company or in Joint Venture partnership with local industry expert partners who retain property management
Avid Realty Partners LLC is passionate about owning Multifamily Apartments and Hotels that deliver the best possible Customer Experience, while generating robust risk-managed returns to its Investors. In Multifamily apartments, Avid focuses on Class B/C value-add properties in growth markets around the country where they proudly bring enhanced unit upgrades and property renovations to its Residents, with a focus on improving Quality of Life metrics. Avid Realty Partners has additional deals in the pipeline that it expects to close in 2018.
Avid Realty Partners - Founder & CEO Craig Berger
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