"The initial commitment is $250 million, but we all feel confident that we will have the capacity and the capital to be as far-reaching as we choose," Angelides tells GlobeSt.com. He says that the new venture will have "a fairly broad mandate," both geographically and in terms of the types of investments it will make.
The venture will be looking at land in regions like the Pacific Northwest, California, the Southwest and the Southeast, focusing on "markets across the US where we see projected job growth and population growth." It will acquire land directly, invest with existing land owners and "possibly make investments in companies that own land," Angelides says.
The former state treasurer, who ran unsuccessfully for California governor last year, says that the new JV will be looking at sites that can accommodate residential and a mix of other uses "in urban regions that are in the path of growth." The residential component will most likely include single-family and multifamily uses, and the mixed-use will likely include retail and office components.
The River Canyon venture will include two Canyon Capital entities, Canyon Capital Realty Advisors and Canyon Capital Advisors, which together have more than $16.5 billion in assets under management. The other partners in the venture are both firms associated with Angelides.
One of the other two is Riverview Capital Investments, owned and headed by Angelides, who formed the firm this year after returning to private life. The other is River West Investments, owned and headed by Brian Vail, who was a partner with Angelides in the company before Angelides exited River West to take state office.
Angelides comments that the emphasis on smart growth will be part of the new venture's intent to "do projects that make sense from an environmental standpoint." The JV will consider both entitled and unentitled property, but will consider an unentitled site "only if it makes sense from a planning perspective," he says.
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