Northlight Capital Partners LLC, a real estate credit fund manager headquartered in Westport, has acquired the remaining assets from the bankrupt estate of Verano Recovery LLC for approximately $20 million.
According to the company, the 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 local and state 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,” said Ben Gerig, CEO of Northlight Capital Partners. “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. 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 ”“ the other investments include locations in Prescott, Arizona, and in the Colorado cities Denver and Aurora.
Photo: Ben Gerig, CEO of Northlight Capital Partners
