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New JV Plans $400M in Local Investments

WASHINGTON, DC-A new joint venture involving RCP Development Co. and Citigroup Property Investors kicks off with plans to invest $100 million in projects in the Washington, DC Metropolitan area. The partnership will focus predominantly on multifamily and mixed-use projects.

By Barbra Murray | Updated on October 22, 2005

(To read more on the multifamily market, click here.)

WASHINGTON, DC-District-based RCP Development Co. has formed a joint venture, RCP Capital LLC, with New York City-headquartered Citigroup Property Investors for the purpose of making equity investments totaling about $100 million in value-added real estate projects in the Washington, DC Metropolitan area. About 20% to 25% of the JV’s funds will be in the form of equity investments, with the reaming investment funding coming in the form of loans for a total of approximately $400 million in leveraged investments over the next few years.

“Our goal is to build and manage a viable and well-capitalized company that takes advantage of opportunities in the market, even during downturns,” RCP Development founder and principal Steve Etminani tells GlobeSt.com. The company has its eye trained, for the most part, on two particular areas.

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