Culver City-based private equity firm Inceptiv is backing new private real estate investment firm Platte Canyon Capital, based in Denver, with $30 million in GP capital.
Inceptiv provides GP capital to real estate independent sponsors.
“We see a compelling opportunity in partnering with Platte Canyon Capital whose principals have a combined $5 billion in transactional experience,” Hezy Shalev, managing partner at Inceptiv, said in a statement. “The PCC management team combines exceptional expertise in multifamily investments with a strategic vision for growth and a proven ability to scale operations. Our investment reflects our confidence in their ability to navigate today’s complex market environment and create significant value for investors.”
Platte Canyon Capital was founded by real estate veterans Brennen Degner and Paul Pittman. The firm will invest in middle-market multifamily and value-add opportunities.
Degner is the former founder and chief executive of DB Capital Management, a multifamily investment firm. He is still involved in an advisory capacity.
“Our launch comes at a pivotal moment for the multifamily industry,”
Degner said in a statement. “Valuations have pulled back significantly over the past few years, creating opportunities we’ve been preparing for. While we haven’t yet seen the widespread distress many have anticipated, we believe it’s inevitable to some degree – and now, with our financial resources, we’re well positioned to act decisively when those opportunities arise.”
PCC is targeting mismanaged and undercapitalized assets in markets like Dallas, Austin, San Antonio, Denver and Salt Lake City. It is focusing on off-market and pre-market opportunities.
“The multifamily sector presents a unique opportunity in the current market, and Platte Canyon Capital is well-positioned to capitalize on it,” Pittman said in a statement. “Brennen’s operational expertise, experience in our targeted markets, and ability to navigate complex investments align perfectly with my focus on strategic growth and disciplined capital deployment. Together, we are building a platform designed to deliver exceptional results while adapting to the evolving dynamics of the industry.”
PCC is looking to acquire up to $1 billion in assets over the next three years through joint venture partnerships.
“The past four years have been a crash course in the realities of operating real estate through market cycles,” Degner said. “We’ve faced challenges head-on and learned a lifetime’s worth of lessons about prudent investing. Those hard-earned insights will guide us as we deploy capital in a disciplined and diligent way. The valuation reset has caused a lot of pain for many operators, and we are not immune to that, but it has also created a once-in-a-cycle opportunity for those who approach the market with clarity and focus.”
