{"id":1004146662,"date":"2016-06-24T04:24:44","date_gmt":"2016-06-24T12:24:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004146662"},"modified":"2021-05-14T21:02:11","modified_gmt":"2021-05-15T05:02:11","slug":"belay-arc-capital-form-jv-to-focus-on-millennial-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/belay-arc-capital-form-jv-to-focus-on-millennial-market\/","title":{"rendered":"Belay, Arc Capital Form JV to Focus on Millennial Market"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004146664\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004146664\" data-attachment-id=\"1004146664\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/belay-arc-capital-form-jv-to-focus-on-millennial-market\/neville-rhone\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg\" data-orig-size=\"308,305\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Neville Rhone\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg?w=308\" loading=\"lazy\" class=\"wp-image-1004146664 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg\" alt=\"Neville Rhone, Arc Capital Partners\" width=\"300\" height=\"297\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg 308w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Neville-Rhone.jpeg?resize=300,297 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004146664\" class=\"wp-caption-text\">Neville Rhone, Arc Capital Partners<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014Two Los Angeles-based firms\u2014<a href=\"https:\/\/www.belayinvestmentgroup.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Belay Investment Group LLC<\/a> and <a href=\"https:\/\/www.arccapitalpartners.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Arc Capital Partners LLC<\/a>\u2014have launched a joint venture focused on acquiring and repositioning up to $150 million of multifamily and retail properties in California and Texas.<\/p>\n<p>Known as ArcWest Partners, the joint venture will target value-add and opportunistic acquisitions in growing urban submarkets with strong millennial demand. The partners are considering numerous opportunities in both states.<\/p>\n<p>\u201cWhile we are being extremely selective at this time in the recovery cycle, we are currently pursuing a $350 million pipeline of properties located primarily in Los Angeles and Houston,\u201d Arc Capital Partners Managing Partner Neville Rhone told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\" rel=\"noopener\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p>Belay\u2019s investment comes from Belay Partnership Ventures II LP, a fund anchored by a $200 million commitment from the <a href=\"https:\/\/www.calstrs.com\/\" rel=\"nofollow noopener\" target=\"_blank\">California State Teachers\u2019 Retirement System<\/a> (CalSTRS) and is targeting $500 million in equity. Belay is a registered investment advisor that pursues real estate investment opportunities for institutional investors and is wholly owned by its four managing principals who have both buy and sell real estate experience as principal investors and senior management at institutional investment management and advisory firms.<\/p>\n<p>\u201cWe are very excited to partner with Arc Capital Partners and believe strongly in their millennial-driven investment strategy,\u201d Barry Chase, managing principal of Belay, said in a prepared statement.<\/p>\n<p>He said Arc Capital\u2019s \u201csuccessful track record of investing in urban markets\u201d attracted Belay to the joint venture.<\/p>\n<p>Rhone and fellow Managing Partner Quincy Allen, who had previously been at Canyon Partners together, founded Arc Capital Partners in 2013. Focused on middle-market properties in urban locations that can be repositioned to appeal to millennials, the firm currently has a $100 million portfolio with properties in top millennial markets like Austin, Texas, and San Diego, Calif.<\/p>\n<p>\u201cMillennials are changing the fabric of what defines thriving urban real estate,\u201d Rhone said in a prepared statement. \u201cForming ArcWest Partners with Belay allows us to build upon our vision with a partner that provides more than just investment capital.\u201d<\/p>\n<p>Allen noted that they are seeing \u201cmany mispriced, middle-market opportunities and look forward to collaborating with Belay to build our portfolio and grow our platform.\u201d<\/p>\n<p>Mike DiRe, director of real estate for CalSTRS, said in a prepared statement that CalSTRS has \u201cbeen a long-term supporter of emerging managers.\u201d<\/p>\n<p>\u201cAs the lead investor in the Fund, we are pleased to be providing a path of growth for Arc Capital Partners and look forward to sharing in the success of ArcWest Partners,\u201d he added.<\/p>\n<p>In June 2014, Arc Capital Partners announced a strategic partnership with Columbia Pacific Advisors, an alternative investment firm that said it would provide operating and investment capital to Arc Capital to pursue value-add and opportunistic investments across the Western United States.<\/p>\n<p>Stan Baty, principal at Seattle\u2013based Columbia Pacific, also noted his firm liked Arc Capital\u2019s focus on the millennial market.<\/p>\n<p>\u201cWe believe Neville and Quincy\u2019s track record together at Canyon Capital and backgrounds in acquistions, development, asset management and operations position them for success in a space that has been largely vacated by multi-billion dollar funds yet remains too complex for smaller investors to pursue,\u201d Baty said in prepared remarks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The joint venture will focus on acquiring and repositioning properties in California and Texas.<\/p>\n","protected":false},"author":1068,"featured_media":1004146664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,1594,21742,21749,15],"tags":[],"class_list":["post-1004146662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-los-angeles","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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