Sacramento- based real estate investment firm First Capital Real Estate purchased a New York- based United Realty Advisors for $175 million.
According to commercialobserver.com, the purchase was part of First Capital's efforts to set their foot on New York and to acquire potential clients "institutional and high- net worth investors."
United Realty Advisors is part of United Realty Trust Incorporated that is run by chief executive officer and Chairman Jacob Frydman. United Realty Advisors or URA is an advisory firm based in Lower Manhattan and the company focuses on retail, offices, commercial properties and multifamily residences.
Chief executive officer and chairman of First Capital Real Estate Suneet Singal said "We are excited to use this platform to expand our asset base. First Capital experienced year-to-year growth and United Realty has a similar investment strategy that aligned well with First Capital."
Being the CEO and chairman of the board of URTI and United Realty Advisors, he said "Our plan is to grow the advisory as well as expand our real estate platform for additional acquisitions. There might be some opportunities in East Coast or in markets that we are [currently] in, so long as those assets fit our underlying metrics."
According to marketwatch.com, the deal between United Realty Advisors and First Capital Real Estate consists of five retail and self- storage properties, commercial land for development, more than 1,000 multi- family units, deals to acquire 13 hotels and 18 more existing hotels under the portfolio of United Realty Advisors. The deal between the two companies was sealed off last Sept 15, 2015.
Mr. Singal also added "This is a new and exciting chapter for First Capital, United Realty and the investors we serve. 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."