Firm Capital American Realty Partners Trust announced that it has closed a $28 million joint venture located in Houston, Texas as previously announced on January 23, 2020. The Trust closed a joint venture with an unrelated third party to acquire the Woodglen Village Apartments, a 250-unit, multi-family residential building. The joint venture invested approximately $28 million (including transaction costs and capital expenditures), representing a 6.3% going-in capitalization rate based on the purchase price of $24.2 million or approximately $96,700 per unit ($99 per square foot). The Property is financed, in part, by a new first mortgage for $22.1 million with a 4.5% interest rate. The terms of the financing also include a two-year interest-only period, three-year term, with two one-year extension options. The remaining capital requirement of approximately $6.0 million was funded through approximately $2.5 million of common equity held 50% by the Trust and 50% by the unrelated third party, and the excess equity of approximately $3.5 million was funded as preferred equity at an 9% rate, also held by the Trust. The unrelated third party is an experienced New York City based real estate owner and operator who is also a 50% partner with the Trust on its existing 235 apartment unit joint venture also located in Houston, Texas.