The fund, for which the Scottsdale-based company serves as managing partner, has access to approximately $100 million of capital for acquisition of undervalued infill assets. It will focus on all-cash transactions but may consider joint ventures with land owners.
Paul Charles, Laguna Pacific's vice president of site acquisitions and development, describes the firm's investment partner as a European investment banking firm with more than $8 billion in assets. He says it is looking to deploy a considerable amount of capital for distressed properties in the US market and has committed to providing 80% of the capital.
According to Charles, the fund is banking on the potential return of these properties in two to seven years. "We are at the point of maximum financial opportunity," he says. "The economy has tanked, there are extremely limited financing options and there's a glut of residential home inventory." A second fund is being contemplated when the first is fully vested, he adds.
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