Buchanan Street Partners, a real estate investment firm based in Newport Beach, Calif., that invests debt and equity capital on behalf of institutional and private investors, announced March 28 its launch of a new multifamily investment platform. As part of the initiative, the company plans to deploy $500 million over the next five years to acquire and manage value-add and core-plus assets.
Kevin Hampton, former president of PLC Apartments, also in Newport Beach, has been hired as an executive vice president to lead the company’s new initiative.
“There are a variety of factors we believe will result in increasing opportunities in apartment markets. As construction lenders rein in new lending and equity investors become more cautious, we expect the supply pipeline to shrink,” said Tim Ballard, president and co-founder of Buchanan Street Partners, in a statement. “When combined with the changing demands of renters by choice, we believe there’s an increasing opportunity to improve existing apartment assets and generate attractive returns in doing so.”
Historically, Buchanan Street has invested in more than 14,000 multifamily units, often serving as the equity partner. Going forward, the company will focus on acquiring properties directly. Hampton and his team will pursue opportunities in the Western United States, with an immediate focus on Denver, Salt Lake City, and Phoenix.
While at PLC, Hampton oversaw the company’s investment strategy and execution. Previously, he led development and investment operations across the West at Associated Estates, a publicly traded REIT, and prior to that served as vice president of development at Western National Realty Advisors. During his career, Hampton has been responsible for the development of more than 15,000 apartment units across the West.
“As we grow our investment business, we will also seek additional multifamily experts to bolster the team,” said Hampton in the press release. “We believe our human capital is our greatest investment and are currently in search of a multifamily acquisition analyst and a vice president of asset management to join us.”
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