For over thirty years, First Capital Realty has been one of the preeminent brokerage firms in the multifamily arena. Each year, we successfully complete sales assignments for institutional owners, private investors, lenders and merchant builders – many for record pricing. Although we are a boutique brokerage firm, collectively, our brokers have over 125 years of industry experience. Our broad range of deal sizes, complexities and locations, transaction volume and extensive network have placed us at the forefront of the industry. Our small size ensures a quick response to our clients’ needs. Our commitment to exceed expectations creates the legendary service synonymous with our name.


Although we have extensive experience in all genres of real estate, we at First Capital Realty believe that in order to give the highest level of service, one must be highly skilled in a specific field and possess up-to-date detailed knowledge of that area expertise. For over three decades, we have specialized in the multifamily industry. Our primary services include market consultation, valuation services and brokerage. Personalized attention is emphasized on every assignment. We endeavor to create long-lasting relationships through continuous customer satisfaction and our willingness to go above and beyond protocol to achieve superior results.

We have vast experience with multifamily sales in both primary and secondary markets. We have sold hundreds of communities in 15 states. We speak to owners, operators and consultants on a daily basis as to their current practices and experiences in the market. We maintain one of the industry’s most extensive transaction databases for our primary submarkets. We also track deals currently under contract, for sale and “rumored” for sale.

As a function of our brokerage services, we must determine what an owner’s property is truly worth. By “true value,” we mean the strike price for which the property will sell after a complete marketing effort has been concluded. The pricing represents a level in today’s market, to which a bona fide purchaser will “stretch” to buy the property. Our property valuations include analysis of current operations, competitive positioning within the submarket and property observations affecting value.

In today’s real estate market, many buyers are eager to invest in this emerging economy while lending rates are still at historic lows. Affordable equity and mezzanine financing is available to complete the capital stack. Fannie Mae and Freddie Mac have weathered the economic storm and are still the foundation of multifamily investment. As a result, there are many qualified buyers who are active and flush with cash, eagerly seeking opportunities to purchase real estate at or above fair market pricing. First Capital Realty is currently working with these buyers for our own exclusive marketings and “off-market” deals.



First Capital Realty is comprised exclusively of senior brokers - with no junior sales people. We are known throughout the industry for our problem-solving skills, as well as our willingness and ability to tackle complex situations and staying with them until they are concluded. We are equally comfortable with “one-off” sales, pre-sales, portfolios or recapitalizations. Year after year, we have been recognized as one of the top three multifamily brokerage firms nationwide and as the nation’s #1 boutique firm in terms of sales volume and service.


Your objectives are our objectives. Our fee structure is reasonable. We have excellent reporting and post-contact follow-up. We welcome accountability. We work hard.


First Capital Realty has access to a vast amount of active qualified buyers, ready to perform. We are experienced in traditional marketing and quiet marketing strategies. By “quiet marketing,” we mean marketing to a few groups who have been “vetted” as to their interest level and ability to perform. This allows a motivated seller to seek offers without creating the stigma of a failed sale if acceptable pricing is not achieved.


We sell multifamily property exclusively . That’s it. We have closed approximately $7 billion worth of apartment properties. Historically, 95% of our offerings have closed at a price equal to or higher than our valuations.


In many of our markets, we have achieved record-setting pricing on a per unit and per square foot basis. We have also attained historically low cap rates and company - leading profits for many of our owners.


First Capital Realty is a privately owned, commercial real estate brokerage company, based in Bethesda, Maryland. We work exclusively on multifamily sales - primarily throughout the Eastern United States - specializing in the representation of private owners, merchant builders, and institutions. Hundreds of apartment communities have been sold to date. The company was founded in 1984 and employs four brokers and a professional research team and a highly skilled marketing staff.

As a small company, personalized individual attention is emphasized. The goal is to create long-lasting relationships through continuous customer satisfaction. The company’s high incidence of repeat business demonstrates success in this area. It has successfully completed 12 exclusive listings for Aetna, 18 for AvalonBay Communities (and several more for predecessor company Trammel Crow Mid-Atlantic), 8 for John Hancock and 8 for UBS Realty Investors. Multiple assignments have been successfully concluded for many other national and regional companies, including Equity Residential, Northwestern Mutual, Archstone, Jefferson Apartments Group, Fairfield Residential, General Investment and Development (GID), Cornerstone Real Estate Advisers (Mass Mutual), Sentinel, TA Associates Realty, RREEF, INVESCO Realty Advisors, Fore Property Company, AEW, Phoenix Home Life, Altman Development Company, UDR, Heitman/JMB, Acadia Realty Trust, JP Morgan, JBG, American General Life Insurance, General Electric Pension, Bankers Trust, Summit Properties and Forest City Residential, as well as numerous private owners like Resource Investments, The Bozzuto Group and Quadrangle Development.

A related company, First Washington Realty, owns and manages retail properties nationally. The base entity was originally founded in 1984, taken public as a New York Stock Exchange traded REIT in June, 1994, and then privatized when acquired by the California Public Employees Retirement System (CalPERS) in 2002. The successor company became a pension fund advisor and investor with CalPERS. It was then sold to Regency Centers of Florida and Macquarie Trust of Australia for $2.74 billion in June, 2005. It employed a professional staff of acquisitions, management, leasing, and marketing personnel, as well as attorneys, architects, engineers, accountants and technology systems specialists. Both First Washington and First Capital have common founders, share office space and borrow from the expertise of each other’s personnel.