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Urban and Infill Revitalization
Moderator: Xavier GutierrezPhoenix Realty Group
September 19, 2007
Urban and Infill RevitalizationPanelists
Eric HolomanPresident, Board of Administration
Herman SantosBoard of Investments
Steve JuarezBoard of Administration
About Phoenix Realty Group (PRG)PRG is a national real estate fund manager that provides:
• Capital and expertise to urban developers
• Opportunistic rates of return in geographically targeted investments to institutional investors
Investment focus:• Urban and infill development
• Rental, for-sale and affordable housing
• Community-revitalizing commercial and mixed-use
About Phoenix Realty Group (PRG)
Private Equity and Tax Credit funds:
• $800 million in funds
• $4.1 billion in development
• 12,400 units
• 500,000+ commercial square feet
Economic Benefits and Social ImpactDoing Well by Doing Good
Geography Focus on urban redevelopment areas
Affordability Create housing affordable to incomes of 60% to 200% of area median
Tax Revenues $130 million in construction sales tax and$5 million in recurring annual taxes
Job Creation Nearly 20,000 construction jobs and 1,600 permanent jobs
Puerta del Sol
Lincoln Heights, Los Angeles
Santee Village
Downtown Los Angeles
Fifth on the Park
Harlem, New York
A Case StudyOn Baldwin Hills Crenshaw Plaza (“BHCP”)
Los Angeles, CA
By Herman SantosMember of The Board of Investments for LACERA
September 19-20, 2007
2005 Population
2005 Average Household Income
Ethnic Mix: 3-Mile Radius
Source: Claritas
10-Year NOI and Cash Flow
Urban and Infill Revitalization
What programs have you created to invest in urban and/or infill revitalization efforts?
Urban and Infill Revitalization
What makes these investments attractive?
Urban and Infill Revitalization
What was the process to establish these programs, and what lessons could you share with other pension boards looking to establish similar programs?
Urban and Infill Revitalization
What key criteria do you use to evaluate fund managers and investments in the urban market segment?
Urban and Infill Revitalization
What is the downside risk of these investments?
Urban and Infill Revitalization
What advice do you have for fund managers seeking to serve public pension funds in these areas?
Urban and Infill Revitalization
What do you see as the next big urban and infill opportunities on the horizon?