New Las Vegas private equity firm set to develop 1,000 rental units in Arizona
The firm, called Embry Partners, has raised $50 million from investors.Embry Partners, a newly created real estate private equity firm, is debuting in Arizona with plans to build more than 1,000 rental units totaling $400 million in development costs. The firm has raised $50 million from investors.
Valtus Capital Group is a Las Vegas-based investment banking company that has formed a private equity real estate group to develop rental units in the Southwest United States.
The company plans to start in Arizona where it intends to build over 1,000 units in Buckeye, Casa Grande and Casa Grande at a cost of $400 million.
Viney Singal is the founder of Valtus Capital and Capro Capital. "Not all private-equity firms must be located in New York or Los Angeles. These markets are full of opportunities for great business.
Singal said that Valtus Capital purchased 30 acres of vacant land at Buckeye and 40 acres at Casa Grande last summer.
He said, "We paid about $12.5 million in Buckeye for 30 acres and around $5 million in Casa Grande for 40 acres."
Capro will be led by $100 million in new equity capital. The fund's management arm, Bruin Captial Partners, is backed Larry Canarelli's Family Office. Its first fund is aimed at managing $500 million in assets.
Singal is the CEO of Capro Capital Group and President of Valtus Capital Group.
Valtus projects include apartments, build-to-rent units
Each Buckeye and Casa Grande parcel will have about 250 traditional garden style apartments and 250 single-story detached build-to rent homes. He said that some of the BTR homes will be two-story.
He said that each project would be constructed in phases. The first phase of the Casa Grande Project will be BTR.
Singal stated that the Buckeye team is still debating whether they should start building multifamily units or rent-to-own apartments.
He is also finalizing the size of the units in each phase.
He said, "We're finalizing entitlements." We expect to start construction on the first project in each location before the end of this year or first quarter. "Our typical development timeframe is two years."
The BTR will have its amenities while the multifamily will feature a fitness center and pool. He said that it is too early to show any renderings.
He said, "Phoenix will be our first marketplace." "We're super excited about it."
Capro closed an investment last week for a Prescott Valley senior care center. The 130-unit Ativo Senior Living Prescott Valley is scheduled to open in the month of May.
Singal stated, "We love the metropolitan Phoenix area market." We're always talking to operators and developers.
Singal said that he also plans to expand his business into other Western states including Nevada, Texas, and Utah.
He said, "We like the Phoenix market because of the business-friendly environment Arizona offers and the positive demographics regarding population growth and migration." "We have concentrated our investments primarily in the Phoenix metro area, and we expect to remain very active."