New York, NY — First Capital Real Estate Investments, LLC (“First Capital”), a Sacramento based real estate investment and finance firm, announced that it closed on the acquisition of United Realty Advisors, LP, the external advisor to United Realty Trust Incorporated (“URTI”), a SEC-registered public non-traded REIT, and other affiliated entities (collectively, “United Realty”). Immediately prior to its acquisition of United Realty, First Capital and its affiliates entered into an Asset Contribution Agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage properties, various residential and commercial land for development, and contract rights to acquire 13 additional hotels and more than 1,000 multi-family units. The contributed assets exceed $175 million in value. Both transactions closed on September 15, 2015 and were made public via SEC Form 8K filing under United Realty Trust Incorporated.
“We are tremendously excited about the acquisition of United Realty,” said Suneet Singal, CEO and chairman of First Capital, “We believe this transaction allows First Capital to expand our platform capabilities through the acquisition of a firm which shares our value-add and opportunistic investment philosophy.” As a result of the transaction, Singal was named CEO and chairman of the board of URTI and United Realty Advisors, LP. Javier Vande Steeg and J. Tim Pruban were named as independent directors and Anthony Arostegui of Downey Brand LLP was named general counsel.
“This is a new and exciting chapter for First Capital, United Realty and the investors we serve,” said Singal, “We look forward to sharing further exciting details in the coming months as we continue to broaden and expand our platform for the investment community.”