Granite Peak Partners, Inc. Completes Real Estate Fund Offering and Closes on Two Properties

Granite Peak Partners, Inc. (GPP) announced it recently completed a $6.4 million private equity placement to purchase $12 million in real estate investments. Properties include 81 condominium units in a complex in the Antelope Valley to be rehabilitated and sold into the retail market and an 82,500 square foot self-storage facility in the San Gabriel Valley. The money was raised over a four-week period.

Santa Barbara, CA (PRWEB) October 6, 2004 -- Granite Peak Partners, Inc. (GPP) announced it recently completed a $6.4 million private equity placement to purchase $12 million in real estate investments. Properties include 81 condominium units in a complex in the Antelope Valley to be rehabilitated and sold into the retail market and an 82,500 square foot self-storage facility in the San Gabriel Valley. The money was raised over a four-week period, according to Bruce Savett, a Granite Peak partner.

Capital invested in the GPP Opportunity Fund is a combination of 1031 exchange equity and private investment capital from qualified individuals wanting to invest in real estate with higher returns and shorter hold periods," says Savett. Despite the overheated real estate market, we were able to identify these two properties and expect them to offer opportunity for substantial returns to investors when they are sold within 12 to 24 months."

The Granite Peak investment approach is to identify properties priced below market value with unrealized value-added opportunities that can be unlocked through active management and rehabilitation. Granite Peak strives to increase the value of the properties, thus increasing returns for investors. In the first few weeks of owning Santa Anita Storage, we brought the occupancy rate from 82 percent up to 97 percent," says Pierre Tada, a Granite Peak partner, and there is still ample room to increase rents from 15 to 20 percent to reflect current market conditions." Granite Peak successfully concluded negotiations with Los Angeles County for a lease extension from 22 years to 40 years on the ground lease on which the project was built. These actions have substantially increased the value of the property within the first 30 days of our ownership," says Tada.

The 81 units, a part of Willow Creek Condominiums in Lancaster, was built in the early 1990s and rented as apartments. A condominium building moratorium in effect in Antelope Valley until recently left very little inventory in the market," explains Savett. Well improve each unit with new appliances, carpet and paint and put them on the market as condominiums with unit asking prices in the mid $100,000s. They will be among the lowest priced housing products in southern California. The city will benefit with the added affordable housing for residents while our investors receive a significant return on their investment."

Granite Peak is determining the profile of its next offerings. The company is focusing on funds designed for investors looking for tax-efficient current income, long-term appreciation and short-term, high-return investment property.

Granite Peak Partners, with offices in Santa Barbara and Marina del Rey, is a full service real estate investment firm providing structured real estate investments and 1031 exchanges to qualified individual, agricultural and institutional investors. Target properties are in the $5 million to $20 million-price range primarily in the western United States. For more information, contact Granite Peak Partners at 805-892-4900 in Santa Barbara, 310-821-1600 in Marina del Rey or on the web at www.GranitePeakPartners.com .

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