{"id":1004136839,"date":"2016-02-10T07:11:59","date_gmt":"2016-02-10T15:11:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004136839"},"modified":"2020-05-12T01:47:17","modified_gmt":"2020-05-12T09:47:17","slug":"first-capital-lands-majority-ownership-in-sacramento-mixed-use-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-capital-lands-majority-ownership-in-sacramento-mixed-use-project\/","title":{"rendered":"First Capital Lands Major Interest in Township Nine Project"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"Sunnet<\/a>

Sunnet Singal, CEO & Chairman of the Board, First Capital Real Estate Trust Inc.<\/p><\/div>\n

First Capital Real Estate Trust Inc.<\/a> has acquired a 92 percent indirect ownership interest in Township Nine, a 62.6-acre mixed-use development project in Sacramento, Calif., that has been appraised at $78 million and is expected to eventually have up to 2,400 housing units, 840,000 square feet of office space, 150,000 square feet of retail and 20 acres of parks and open space.<\/p>\n

\u201cWe are proud to partner with local Sacramento developers on this extraordinary project,\u201d Suneet Singal, CEO & chairman of the board of First Capital, a public, non-traded REIT, said in a prepared statement. \u201cWe believe that this project will unlock tremendous long-term value for our shareholders and the City of Sacramento.\u201d<\/p>\n

Township Nine<\/a>, which has been in the planning stages for several years, is part of a larger redevelopment of Sacramento\u2019s River District where a former rail yard is being revived. The Sacramento Housing and Redevelopment Agency<\/a> and the City of Sacramento have invested more than $100 million in federal and local funds to transform the River District from an industrial area to an urban mixed-use district. Located along the American River, the district will also be the new headquarters for the California Highway Patrol and California Lottery, and possibly a new Major League Soccer stadium. Township Nine will be located on the Regional Transit\u2019s light rail extension, which provides direct public transit to downtown Sacramento, and has already won at least one award for transit-oriented development.<\/p>\n

\u201cWe are incredibly excited to partner with First Capital and bring our award-winning, transit-oriented development to life,\u201d said Steve Goodwin, a California developer and partner in the Township Nine project. \u201cWith central downtown Sacramento to the south and the American River to the north, the T-9 development is poised to have a catalytic effect on downtown Sacramento\u2019s already flourishing housing market and urban lifestyle.\u201d<\/p>\n

Located one mile from downtown Sacramento, the project will include a variety of housing units, including apartments, townhomes, lofts and condos. The first residential development\u2014a 180-unit affordable housing property known as Cannery Place Apartments\u2014has already been built and consists of 90 one-bedroom and 90 two-bedroom units. The Sacramento Business Journal reported the project also included about 8,000 square feet of retail space. The next residential development will be construction of 72 townhomes called Victory Park, according to the business journal.<\/p>\n

The deal comes about five months after First Capital, a Sacramento-based real estate and investment firm, expanded to the East Coast with the $175 million acquisition of United Realty Advisors LP,<\/a> a New York-based company that was the external advisor to United Realty Trust Inc., a public non-traded REIT that focuses on retail, office, hospitality and multifamily properties. First Capital and its affiliates transferred 28 assets to the REIT before the Sept. 15 closing of that deal. Singal said then that the United Realty acquisition allowed First Capital to expand its platform capabilities with a firm that shared its value-add and opportunistic investment philosophy.<\/p>\n

Also in September, Singal told the Sacramento Business Journal that the firm was in negotiations to acquire a master-plan community in Sacramento. A spokesperson confirmed to CPE that Township Nine is the property Singal was referring to in the fall.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Capital Real Estate acquired a 92 percent indirect ownership in the 62.6-acre, mixed-use development that is part of a larger transformation of Sacramento’s River District.<\/p>\n","protected":false},"author":1068,"featured_media":1004136846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21752,21742,15],"tags":[],"class_list":["post-1004136839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"\nFirst Capital Lands Major Interest in Township Nine Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-capital-lands-majority-ownership-in-sacramento-mixed-use-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Capital Lands Major Interest in Township Nine Project\" \/>\n<meta property=\"og:description\" content=\"First Capital Real Estate acquired a 92 percent indirect ownership in the 62.6-acre, mixed-use development that is part of a larger transformation of Sacramento's River District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/first-capital-lands-majority-ownership-in-sacramento-mixed-use-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-10T15:11:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T09:47:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Suneet-Singal.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-capital-lands-majority-ownership-in-sacramento-mixed-use-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/first-capital-lands-majority-ownership-in-sacramento-mixed-use-project\/\",\"name\":\"First Capital Lands Major Interest in Township Nine Project - 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