PALM SPRINGS, Calif. — Northlight Capital Partners LLC, an opportunistic real estate credit fund manager, is pleased to announce that it has acquired the remaining assets from the bankrupt estate of Verano Recovery LLC for approximately $20 million.
Acquired assets include the remaining 138 acres of residential development land within the Verano Master Planned Community in Cathedral City, California. Located approximately 10 minutes from the Palm Springs Airport, the property includes 892 partially platted lots entitled for a variety of detached single family residential and multifamily units. As part of its acquisition, Northlight will work with various governmental agencies to construct a 2.5 million gallon water reservoir that will service the Verano community.
“The Palm Springs / Coachella Valley market is one of the fastest growing MSAs within California. Over the past several years, Palm Springs has enjoyed a solid and growing commercial base moving it from a traditional second home market to a primary home market,” said Ben Gerig, Chief Executive Officer of Northlight Capital Partners. “We are excited about the opportunity to bring more quality, affordable housing options to the residents of the Coachella Valley.”
This is the fourth residential land transaction by Northlight over the past 12 months. These investments include locations in Denver, CO, Aurora, CO, Prescott, AZ and Cathedral City, CA. Additionally, this is Northlight’s second residential development investment in the Coachella Valley over the past several years. Mr. Gerig continues, “We believe that there is a growing housing supply crisis across the country, particularly in secondary markets where there continues to be a migratory shift arising from Covid. Northlight will continue to look for residential opportunities that address these imbalances.”
About Northlight Capital Partners, LLC
Northlight Capital Partners, LLC (“NCP”) is a leading opportunistic real estate credit fund manager headquartered in Westport, CT. As a Registered Investment Advisor, the company manages capital on behalf of various institutional and family office clients. Since 2011, NCP has managed and advised on investment vehicles totaling more than $500 million of equity capital.