Mubasher: New York-listed FTE Networks has closed a deal to acquire $350 million assets from Vision Property Management, including over 3,000 residential real estate assets in 46 US states.

First Capital Master Advisor (FCMA) advised Vision with the transaction, according to a press release.

"I am pleased with the outcome of providing a successful exit to the retail common shareholders representative of the multi-billion-dollar independent broker dealer channel.  We look forward to supporting the growth of the newly transformed company as shareholders," FCMA’s CEO Suneet Singal commented.

The deal’s consideration includes a distribution of common and preferred stock of FTE valued at approximately $100 million to the shareholders of First Capital Real Estate Trust.

The distributed amount will be subject to registration under the Securities Act of 1933 or an applicable exemption from registration.

"We pride ourselves as experts in the residential real estate business in secondary markets around the US bringing home ownership and affordable for rent product to the middle and lower income class," Vision’s CEO Alex Szkaradek said.