MREC Reports Solid Growth Year for 2013
Closes 25 deals investing over $370 million
CHARLOTTE, N.C. – February 15, 2014 – Mountain Real Estate Capital (Mountain), a leading private equity investor in residential land development and homebuilding, closed its first couple of deals in January keeping pace with its strong year in 2013. Both deals were with existing partners in Colorado and New York, shared Arthur Nevid, Mountain’s Chief Investment Officer.
“2013 was a very good year for MREC and our partners” said Peter Fioretti, Mountain’s CEO. “We closed a total of 25 deals, investing over $370 million by purchasing 18,500 lots and 6000 developable acres of land. We were excited to do repeat business with a majority of our existing partners but we also added nine new partners to our platform of Best-in-Class operators across the country. In 2014 our focus will be on expanding the strength of our existing strategic relationships with only a few more opportunities for new partners.
“Not only did we have a solid 2013 but our pipeline for repeat business in 2014 is the strongest it’s ever been”, added Fioretti. “As the industry continues to progress towards recovery we will continue to expand and be a strong presence around the country. Many of our partners have done an excellent job during the downturn and now has the ability to grow by a minimum of $50 million in equity over the next couple of years. We continue to be very excited about helping them grow their business at this time,” said Fioretti.
About Mountain Real Estate Capital
Since 1993, Mountain Real Estate Capital (MREC) has been a leading private equity source for real estate developers and builders. Mountain is headquartered in Charlotte, N.C., with offices in Minneapolis, San Diego and New York. Since 2010, MREC and its partners have acquired more than 42,000 lots/homes and another 9,000 developable acres, deploying over $750 million in equity investment. MREC has partnerships with 19 best-in-class developers and builders, closing deals in 20 states. (www.mrec.com)