About FH Capital

FH Capital is a multifamily real estate investment firm headquartered in Birmingham, Alabama. We acquire, operate, and improve workforce housing apartment communities across the Southeast, building long-term value through disciplined underwriting, hands-on operations, and a relentless focus on the resident experience.

What We Do

FH Capital specializes in acquiring distressed multifamily real estate — well below replacement cost and market value — then adding value and transitioning these assets into institutional-grade investment properties. FH Capital pursues the deals others can't close: complex, time-sensitive, or capital-intensive opportunities that fall outside the reach of conventional financing. By bringing creative capital structures, speed, and certainty of execution to the table, FH Capital acquires quality apartment communities at prices traditional buyers simply can't reach — then enhances that inherent value through targeted renovations, disciplined operations, and a long-term commitment to every community we own.

Our core thesis:

  • Workforce housing with enduring demand — FH Capital focuses on acquiring well-located workforce housing communities that provide attainable housing for working families. These properties serve a critical need in their markets, creating durable demand and a resilient foundation for long-term value creation.

  • Finding value where others cannot — FH Capital specializes in complex, distressed, and operationally challenged multifamily investments that often fall outside the scope of traditional buyers and financing sources. By moving quickly and solving difficult problems, we acquire assets at attractive bases with significant upside potential.

  • Active ownership, operational excellence — We do not outsource value creation. FH Capital takes a hands-on approach to asset management, renovation oversight, leasing strategy, and operational execution, allowing us to identify opportunities, solve problems quickly, and drive performance at the property level.

  • Technology-enhanced analytics — FH Capital combines experienced operators with advanced data, automation, and AI-driven tools to improve reporting, streamline operations, enhance resident communication, and support better investment decisions across the portfolio.

  • Transforming assets into institutional-quality communities — Through strategic capital improvements, operational refinement, and disciplined asset management, FH Capital transforms overlooked properties into high-performing communities positioned for long-term success.

Who We Are

FH Capital is a privately held multifamily investment company founded by principals Alex Ferguson, Trey Henderson, and Josh Horton. We invest in value-add apartment communities in growing Southeastern markets, taking a vertically integrated approach that brings acquisitions, construction, asset management, and operations under one roof.

Unlike firms that invest from a distance, FH Capital is operator-led. Our principals are directly involved in the work that drives returns — from capital improvement programs and leasing to collections and resident retention. That hands-on discipline is the foundation of how we underwrite, acquire, and run every community in our portfolio.

Josh Horton (Principal)

Since 2020, Josh has been focused on sourcing, underwriting, and executing multifamily acquisitions. Prior to his real estate career, Josh worked for Capital Group with a focus on private wealth management.

Over the last two years alone, Josh has successfully transacted on more than 1,500 units through a combination of off-market and institutional deal flow.

As FH Capital’s Deal Acquisitions Lead, Josh is responsible for identifying new investment opportunities, structuring and underwriting transactions, and managing deal execution. He also oversees financing and funding, along with pro forma development and financial projections, to ensure alignment with the firm’s investment strategy and return objectives.

Josh’s execution-oriented approach and deep market knowledge support FH Capital’s disciplined acquisition process and long-term value creation across its portfolio.

Alex Ferguson (Principal)

Alex was born and raised in Birmingham, Alabama, and graduated from Auburn University with a Bachelor’s degree in Building Science.

Before transitioning into real estate investing full-time, Alex worked at Brasfield & Gorrie, where he was involved in more than $1 billion of multifamily high-rise and hospitality construction projects. His experience includes landmark developments such as the Omni Oklahoma City Hotel, 1105 West Peachtree (Google’s Atlanta office), and the Marriott Epicurean Hotel in Atlanta.

Drawing on a strong background in estimating and project management, Alex leads capital expenditure planning and property renovations, while also overseeing property management across FH Capital’s active portfolio. His large-scale construction experience enables FH Capital to underwrite and execute renovations with discipline, cost certainty, and a long-term focus on value creation.

Trey Henderson (Partner)

Trey has more than 25 years of experience in real estate investing in the Birmingham, Alabama market, with a long-standing focus on workforce and affordable housing. Throughout his career, he has worked closely with other investors to help them deploy and leverage capital effectively across a range of property types.

Trey brings deep expertise in Section 8 housing, low-income multifamily assets, and tax credit renovation projects, providing valuable insight into acquisition strategy, asset structuring, and operational considerations. Trey has partnered with FH Capital on multiple deals and serves as a trusted advisor to the firm.

Trey’s market knowledge and experience in affordable and tax-advantaged housing support FH Capital’s disciplined investment approach and long-term value creation strategy.

Where FH Capital Invests

FH Capital owns and operates multifamily communities across the Southeastern United States, with active properties in Alabama, Arkansas, and Georgia. Our portfolio spans hundreds of apartment homes in metros chosen for population growth, employment strength, and durable rental demand.

FH Capital Advantage

Operator-led. Our principals are in the field, not just in the spreadsheet. That proximity to the asset shapes smarter decisions and faster execution.

Disciplined underwriting and cost basis focused. We buy on fundamentals and conservative assumptions, with a clear plan to add value from day one.

Vertically integrated. Acquisitions, construction, and operations work as one team, reducing friction and aligning incentives around resident satisfaction and asset performance.

Modern operations. We pair experienced management with data-driven tools and technology to optimize leasing, revenue, and the resident experience.

Long-term mindset. We invest to own and improve communities, building durable value for our partners and better places to live for our residents.