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Mountain Real Estate Capital Expands its SoCal Developer/Builder Joint Venture Program
Acquisition of bank-owned L.A. site marks Mountain’s sixth joint venture in the area
“The acquisition of this project on Melrose Avenue is the exact type of infill opportunity MREC and our developer partners have been seeking and closing in Southern California,”
The Melrose acquisition represents MREC’s sixth joint venture in Southern California, accounting for over 300 lots for development and house construction, with projected sales value exceeding $140 million. Since 2010, MREC has purchased assets in 10 states from 30 financial institutions and is capitalized with $1 billion to acquire distressed notes and assets. Since 2010, MREC has invested $260 million to acquire 10,000 lots/homes and 9,000 acres, with projected sales exceeding $1.2 billion.
Harridge Development was recently formed by David Schwartzman, a Los Angeles-based real estate developer. Schwartzman has more than 22 years of real estate experience beginning with his homebuilding-
Mountain Real Estate Capital is the equity investment arm of the Mountain Real Estate Group, founded in 1993 by its CEO, Peter Fioretti. Headquartered in Charlotte, N.C., its homebuilder joint venture and asset management groups, headed by Managing Director Joel Kaul, are based in Minneapolis, and its national origination team has additional offices in New York, Los Angeles, Richmond, Va., and Newport Beach, Calif. Lance Franklin, senior investment manager in Los Angeles, originated and managed the closing of this transaction for MREC.
“The Harridge team has demonstrated a unique ability identifying niche infill opportunities in the Los Angeles area and creating value through creative re-entitlement and site design,” said Franklin. “We believe that Harridge will continue to be a great partner in pursuing additional infill Los Angeles opportunities.”
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About Mountain Real Estate Capital:
MREC is currently focused on three types of investments: