Rincon Partners Gets Big Opportunity with CalPERS

Posted on 12/17/2021

The Canyon Catalyst Fund is part of the CalPERS real estate Emerging Manager program managed by Canyon Partners Real Estate LLC. The fund has expanded its program with the addition of Rincon Partners to its roster of emerging managers. Based in Phoenix, Rincon is a full-service real estate investment and management firm focused on multifamily and self-storage properties in the Southwestern and Southeastern United States. The new partnership called CCF-Rincon simultaneously announces two new multifamily acquisitions in the Arizona market: the $30.1 million purchase of Paseo 51 Apartments, a 116-unit multifamily development in Glendale; and the $82 million purchase of Arrive North Scottsdale, a 204-unit multifamily development.

Founded in 2015 by former Cole Real Estate Investment executives and U.S. military veterans, Rincon Partners, LLC, has US$ 334 million in assets under management. Canyon will support Rincon’s growth as an institutional real estate manager while leveraging Rincon’s expertise on the ground in Arizona, a target market for investment opportunities in multifamily real estate. Kirk McAllaster (D. Kirk McAllaster, Jr.) is President of Rincon Partners. Cole Capital was the investment arm of Cole Real Estate Investments Inc., a publicly listed REIT which American Realty Capital Properties.

“Rincon is an exceptional addition to our Emerging Manager program with a capable and proven management team and an investment strategy which both aligns with and complements our platform,” said Maria Stamolis, Co-Head of Real Estate at Canyon in a press release. “Marking our first programmatic Emerging Manager relationship in Arizona, a market we are keenly focused on, we are confident in the value that this relationship will bring to both Rincon and the Canyon Catalyst platform.”

Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $27 billion in assets under management. 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.

Keywords: California Public Employees Retirement System.

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