“We are thrilled with the opportunity to work with Canyon through its Emerging Manager program and are eager to tap into Canyon’s three decades of institutional knowledge to help Rincon scale its capabilities in our next stage of growth as a firm,” said Kirk McAllaster, President at Rincon. “With our first two acquisitions complete, we look forward to identifying more opportunities to invest in the rapidly expanding multifamily market here in Arizona and beyond.”
Located in the West Central suburb of Glendale, Paseo 51 is conveniently located near major employers including Glendale Community College, ASU West, the Metrocenter mall and the area’s major medical centers. CCF-Rincon’s joint investment in Paseo 51 will prioritize interior renovations to enhance the existing units and facilities to remain competitive in an increasingly attractive housing market. Arrive North Scottsdale, CCF-Rincon’s other investment, is a Class-A development comprising of one-, two- and three-bedroom units across eight residential buildings. The property is on five acres of land and proximate to several large employers, including the Mayo Clinic campus, and retail amenities, all accessible via the Loop 101 Freeway.
Founded in 1991, Canyon Partners Real Estate LLC® is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $27 billion in assets under management. With 30 years of experience, Canyon has established a broad menu of real estate investment capabilities spanning debt, value add, and opportunistic strategies across property types, U.S. regions, and project stages (including development, transitional, and distressed/workouts).
The Canyon Catalyst Fund is a discretionary separate account managed by Canyon on behalf of the California Public Employees’ Retirement System which facilitates investment through the identification of real estate emerging managers with niche strategies, a demonstrated track record and strong potential to access unique investment opportunities. This platform is intended to cultivate the next generation of institutional real estate talent and Canyon, in its capacity as account manager, sources, selects and manages talent, while also maintaining oversight of all platform investments.
Founded in 2015, Rincon Partners, LLC (“Rincon“) is a vertically-integrated, full-service real estate investment and management firm headquartered in Phoenix, Arizona. Rincon focuses on investments in multifamily properties in the Southwestern and Southeastern United States. Since its inception, Rincon has acquired twenty-one multifamily properties and completed two Class-A self-storage developments, with project values totaling over $500 million, located in the Phoenix, Tucson, San Antonio, Las Vegas, Atlanta, and Charlotte MSAs.