Chapman Market and Neville Rhone
Arc Capital Partners Managing Partner Neville Rhone and Chapman Market in Koreatown
ArcWest Partners, a joint venture of local firms Arc Capital Partners and Belay Investment Group, will use a $100 million cash infusion to invest in urban properties in the southwest United States.
Belay Investment Group provided the funding. The additional cash puts ArcWest in position to buy up to $425 million in properties in that part of the country.
ArcWest is focused on value-add apartment, office or retail properties, with a focus on those that can be repositioned to appeal to younger tenants, Arc Capital managing partner Neville Rhone said in a statement.
In 2016, ArcWest acquired the 45,000-square-foot Chapman Market in Koreatown and the 30,000-square-foot Jones Building in Silver Lake, following its first $50 million funding allocation. Other properties followed.
The most recent cash infusion is being made with money from the California State Teachers’ Retirement System. CalSTRS provided $200 million in capital to the joint venture in 2016. In May, CalSTRS launched a $300 million commercial real estate investment venture with Divco West Real Estate. As of last year, the CalSTRS total investment portfolio added up to around $208.7 billion.
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