Paceline Equity Partners has acquired 17 acres of land in Southwestern US to develop a new build-to-rent community.
Affiliates of Paceline, in partnership with the project’s developer Verdot Capital, have acquired the land for the development of a 183-unit single-family detached home community in Santa Fe, New Mexico.
The deal represents the first partnership with Verdot Capital. The proposed development also represents the first single-family detached build-to-rent community in Santa Fe.
Financial details were not disclosed.
Sam Loughlin, CEO of Paceline Equity Partners, said: “This investment highlights Paceline’s ability to source and execute differentiated investment opportunities at an attractive entry point in sectors and assets with strong underlying fundamentals, but where capital is not flowing efficiently.
“We are proud to make the second real estate investment in our second fund and look forward to continuing to identify unique opportunities for our limited partners.”
Leigh Sansone, CIO of Paceline Equity Partners, said: “This is an exciting project, and we are eager to develop the first built-to-rent community in Santa Fe that will fill a pocket of demand not previously met.
“We are pleased to partner with Verdot Capital, a highly experienced developer, and deepen our roster of strong operating partner relationships.”
Robert Wall, managing partner of Verdot Capital, said: “We are excited to be part of the Santa Fe community and grateful to our investors who share a common vision for this project.
“Together, we are committed to delivering an asset that will contribute lasting value to Santa Fe, meeting a critical housing need in a way that honors the character of this remarkable city.”
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