CORPUS CHRISTI-First Capital Advisors (FAC) makes its first move in Texas with the purchase of a 252-unit multifamily complex in Corpus Christi, Texas.

FCA closed on the multifamily asset through a partnership with Adams LaSalle Realty. FCA tells GlobeSt.com it is building a diversified fund and this property fits into their strategy.

"This was a great opportunity to partner with a group that has a lot of experience operating apartment complexes," says Chris Pope, principal at FCA.

Arbors on Saratoga is located at 6225 Saratoga Boulevard in Corpus Christi, an area which is benefiting from growth in the energy industry as well as increasing port activity.

"We are very bullish on Corpus Christi and the apartment market in Texas," adds Pope. "And when we had an opportunity to acquire a high-quality asset in a target market, we seized the opportunity."

Pope also noted the company is looking to make additional purchases within the Texas markets.

First Capital Advisors entered one of Adams LaSalle Realty's funds at the end of last year as well as forming the joint venture to purchase the Saratoga Boulevard apartments. FCA is an affiliate of First Trust Portfolios LP, a financial services firm.