CalPERS makes new investment in Arizona market

The Canyon Catalyst Fund, the real estate emerging manager program of the California Public Employees’ Retirement System (CalPERS) managed by Canyon Partners Real Estate, has expanded its program with the addition of Rincon Partners to its roster of emerging managers.

Based in Phoenix, Rincon is a full-service real estate investment and management firm focused on multifamily and self-storage properties in the Southwestern and Southeastern United States. The new partnership (CCF-Rincon) simultaneously has announced two new multifamily acquisitions: the $30.1 million purchase of Paseo 51 Apartments, a 116-unit multifamily development in Glendale, Ariz., and the $82 million purchase of Arrive North Scottsdale, a 204-unit multifamily development in Scottsdale, Ariz.

Founded in 2015 by former Cole Real Estate Investment executives and U.S. military veterans, Rincon has $334 million in assets under management and a strong six-year track record demonstrating stra