Firm Capital Apartment REIT Announces Stock Option Grants

Firm Capital Apartment REIT (the “

Trust

”), (TSXV: FCA.U), (TSXV: FCA) announces that it has granted to certain trustees, officers and management of the Trust Unit Options (the "

Options

") to purchase a total of 119,500 trust units. 49,300 of the options have an exercise price of US$7.50 per trust unit and 70,200 of the options have an exercise price of US$8.30 per trust unit. The options are exercisable for a period of 10 years and have been granted in accordance with the terms of the Trust's current trust unit option plan.

ABOUT FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST Firm Capital Apartment Real Estate Investment Trust is a U.S. focused real estate investment trust that pursues multi-residential income producing real estate and related debt investments on both a wholly owned and joint venture basis. Upon closing of Hamilton Manor, the Trust will have ownership interests in a total of 2,091 apartment units diversely located in Florida, Connecticut, Texas, New York, New Jersey, Georgia and Maryland.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Sandy PoklarPresident & Chief Executive Officer [phone]

Mark GoldreichChief Financial Officer(416) 635-0221

For Investor Relations information, please contact:

Victoria MoayediDirector, Investor Relations(416) 635-0221