Regions West | Seattle/Portland
Sept 24, 2007
By: Tonie Auer, Southwest Correspondent
New York City-based Real Estate Capital Partners L.P. has teamed up with Los Angeles-based Urban Partners L.L.C. as part of an effort to establish a presence on the West Coast by developing mixed-use urban infill projects.
The limited partnership was part of a long process by Urban Partners to find a partner with hands-on experience in development, Matthew Burton, a principal of Urban Partners, told CPN.
“RECP has been doing this for the better part of 15 years and they understand the ups and downs in the process,” Burton said. “The partnership is a good fit for both of us because they have a significant coverage on the East Coast and were looking to expand to the West Coast. That’s where we’re based and we love the markets here. We can act as their eyes and ears. We also feel there are great opportunities in Los Angeles, Seattle and maybe even some in the Portland and Bay Area.”
RECP and Urban Partners have agreed to invest up to $50 million in seven initial projects and another six to 10 similar projects which will be developed over the next three to five years. Burton declined to give specifics about the projects. However, one of the projects in the joint venture is the Wilshire/Vermont Metro Station in Los Angeles (pictured).
The initial developments include more than 2,000 residential units and approximately 350,000 square feet of retail and office space in the Los Angeles and Seattle metropolitan areas. The partnership will be seeking institutional equity partners on a project-by-project basis to fully capitalize the developments.
Los Angeles-based Urban Partners is a real estate planning, investment, development and management firm focused on mixed-use, urban infill and transit-oriented development in major metropolitan areas.
Real Estate Capital Partners has invested approximately $7 billion in U.S. real estate since 1989.
By: Tonie Auer, Southwest Correspondent
New York City-based Real Estate Capital Partners L.P. has teamed up with Los Angeles-based Urban Partners L.L.C. as part of an effort to establish a presence on the West Coast by developing mixed-use urban infill projects.The limited partnership was part of a long process by Urban Partners to find a partner with hands-on experience in development, Matthew Burton, a principal of Urban Partners, told CPN.
“RECP has been doing this for the better part of 15 years and they understand the ups and downs in the process,” Burton said. “The partnership is a good fit for both of us because they have a significant coverage on the East Coast and were looking to expand to the West Coast. That’s where we’re based and we love the markets here. We can act as their eyes and ears. We also feel there are great opportunities in Los Angeles, Seattle and maybe even some in the Portland and Bay Area.”
RECP and Urban Partners have agreed to invest up to $50 million in seven initial projects and another six to 10 similar projects which will be developed over the next three to five years. Burton declined to give specifics about the projects. However, one of the projects in the joint venture is the Wilshire/Vermont Metro Station in Los Angeles (pictured).
The initial developments include more than 2,000 residential units and approximately 350,000 square feet of retail and office space in the Los Angeles and Seattle metropolitan areas. The partnership will be seeking institutional equity partners on a project-by-project basis to fully capitalize the developments.
Los Angeles-based Urban Partners is a real estate planning, investment, development and management firm focused on mixed-use, urban infill and transit-oriented development in major metropolitan areas.
Real Estate Capital Partners has invested approximately $7 billion in U.S. real estate since 1989.
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