First Capital Advisors, a real estate investment firm, has held an initial close of $58.8 million for its new real estate fund, First Capital Advisors Multi-Family Real Estate Fund. The firm did not comment on its fundraising efforts.
First Capital Advisors Multi-Family Real Estate Fund seeks to raise $100 million in total equity commitments. The fund follows a value-added and opportunistic investment strategy through investments in the apartment sector nationwide.
First Capital already controls 3,500 apartments, 50,000 square feet of retail properties, and 364,000 square feet of industrial space and is pursuing other acquisition and development opportunities in the retail, multifamily and industrial sectors, according to its website. Most of the firm’s holdings are in Alabama, Colorado, Illinois, Florida, Texas and Washington.
In July, the firm sold the Clarendon Arms Apartments, an 84-unit, value-add property located in the Chicago suburb of Clarendon Hills,
