December has been a very active month for us.
We’re excited about our latest property under contract, a 163-unit property in Peoria, AZ. It will be closing on February 17th.
We are also making lots of progress on the renovations and we’re ahead of schedule on our other properties. We are planning to sell one of our properties this year for a 70% profit in 15-18 months.
The renovated units are all achieving or surpassing the rents in our financial models, leaving even more room for upside. Our motto has been to under-promise and over-deliver, and we’ve stayed true to that for all of our properties.
This month, we have a big announcement to make. Keep on reading!
FCC Is Merging With WHC!
After four years of exclusively partnering with WhiteHaven Capital (WHC), we are excited to announce that First Chair Capital (FCC) will be merging with WHC starting in February, 2022.
Since the inception of both WHC and FCC, we have partnered on every property and outperformed our projected returns.
After working with over 400 investors and $72M equity to acquire 876 units together, it is time to combine companies to further scale our operations.
What does this mean for FCC’s prospective and existing investors?
Prospective investors will now receive new investment opportunities and newsletters through WHC.
Nothing will change for our existing investors. They are already part of the WHC ecosystem and will continue receiving high quality service and strong investment returns. They can access the investor portal to track their monthly updates, financials, tax forms, and distributions.
How did the FCC and WHC partnership begin?
The partnership between First Chair Capital (FCC) and WhiteHaven Capital (WHC) started in 2017 when Jeff and Tommy were buying properties in Omaha, Nebraska. When we were under contract to buy a 40-unit property in Omaha, we hired Ben as a consultant for his expertise in real estate underwriting and financial modeling.
It was through that consulting agreement that we developed a strong relationship with Ben. When we decided to exit the Omaha market, we partnered with Ben and his partner, Sam, to purchase a 98-unit complex in Phoenix.
6 purchases and 4 exits later, the partnership between FCC and WHC is stronger than ever. We’ll continue growing the portfolio in Phoenix to own over 1500 units and exceed $1B of real estate transactions.
Thank you for continuing your real estate investing journey with us. We look forward to the opportunity to partner with you on future deals!