Founder and CEO John Laviter who sold a top-10 national real estate company last year announces partnership with a venture capital group in California to form multi-billion dollar Real Estate Investment Trust (REIT) headquartered in Salt Lake City, Utah.
SALT LAKE CITY, UT / ACCESSWIRE / November 8, 2024 / John M. Laviter announced today that he has entered into commitments to fund a $2 billion REIT with Kunz Investments, Inc., a venture capital group in Marin County, California. Properties acquired in the REIT will be strategically located in major metropolitan cities of the United States. Seastrand Publishing Co. reported on the REIT's investor group meetings held last Wednesday in Phoenix, Arizona.
"During 18 years of leading a national property management business, I witnessed endless investor mistakes; and further, I had to deal with the consequence of those mistakes," said Laviter, speaking to a room full of investors in Phoenix, Arizona. He continued that he knows where and what to avoid. When asked about timing to acquire the properties, Laviter didn't say; instead, he expressed that he believes timing is the most important factor of any business strategy. "You can have the best product, the best operations, the best people, but if you mess up timing, none of it matters," said Laviter.
In 2023, Laviter successfully sold Northpoint Asset Management, Inc., a national real estate company that managed 8,100+ properties for institutional and retail investors. He founded the company in 2006 and stepped down from leading the company as chairman and CEO last December. At the time of his departure, the company operated 44 office locations in 23 U.S. states, with $178 million in sales, and approximately $5 billion in real estate assets managed. According to the 2023 Inc. 5000 list, the company ranked #2 in Utah and #75 in the U.S. for revenue growth in real estate.
"I've known John [for] nearly 40 years," said Gregory W. Kunz, one of the fund's largest investors. "He's a good leader and given the present macroeconomics, he's got the right strategy." Laviter will serve as Chairman of the board of directors and assemble the executive team who will execute the fund's acquisition strategy and day-to-day management.
Under the terms of the investment, the new REIT will employ both debt and equity capital in the form of convertible senior notes and shares of stock. "We're eager to get started with the new venture. We've been working together for quite some time now and look forward to a long-lasting relationship," said Jon Barthelme with LendingOne, one of the fund's third-party lenders that plans to lend on properties acquired in the REIT.
About Kunz Investments, Inc.
Kunz Investments, Inc., a venture capital group in Marin County, California, has been investing for over 30 years in the real estate, home security, and advertising media industries.
Investment Property Third-party Lender:
Jon Barthelme, Vice President of business development, LendingOne, LLC, Boca Raton, Florida.
Media Contact:
Nora Seastrand, editor, interviewer and publicist.
nseastrand@seastrandpublishing.com
+1 (801) 477-0798
SOURCE: Seastrand Publishing Co.
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