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$100M Fund Targets Distressed Residential

SCOTTSDALE, AZ-Laguna Pacific's Southwest Land Opportunity Fund will concentrate on Arizona, parts of California and Nevada.

By John McCloud | Updated on March 16, 2009

SCOTTSDALE, AZ-Laguna Pacific Cos. has secured an international investment partner for a fund to acquire distressed single-family and multi-family land projects. The Southwest Land Opportunity Fund’s primary target is Arizona, but it will also consider select areas in California and Nevada.

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.

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