Primestor Development, a leading minority-owned and minority-led urban impact real estate developer and investor based in Culver City, California announced Wednesday that it had held its first closing for The Urban Vision Fund I. Anchored by an equity commitment from Belay Investment Group of up to $100 million as well as a $25 million equity commitment from LGT Capital Partners, the fund is targeting to raise capital totaling up to $300 million.
The Urban Vision Fund I will focus on developing and acquiring transit-oriented mixed use real estate investment opportunities located in urban minority communities within California. Primestor’s thesis involves investing in real estate situated within densely populated areas with high growth potential but limited access essential goods, services or housing options.
Arturo Sneider – cofounder & CEO of Primestor – commented: “We see Belay as an ideal partner who shares our vision and will work together with us for the success of our projects & advancement of our company.”
LaTerra Development Managing Director Chris Tourtellotte recently shared his insights into CRE newsmakers at Connect LA on May 3rd at Hotel Indigo .
