Acquisition & Entitlement
41 Town Homes
Phoenix, AZ
Legacy in
Development.
A small-cap acquisition, investment and land development firm. We entitle, build and reposition real property across the western states - CA, OR, WA, AZ, UT & CO — one project at a time, since 2007.
Acquisition
Location, opportunity, vision
We source properties in markets with durable demand and a credible path to higher and better use — often small, constrained sites that larger builders cannot pursue.
Property Criteria for BrokersInvestment
Hedged, data-driven capital
Financial analysis drives every decision. We structure for consistent returns and long-term appreciation, and we underwrite the slower schedule as well as the base case.
How We UnderwriteDevelopment
Entitlement that lasts
Sustainable entitlement work weighing demographic, environmental, economic and political factors — maximizing the value of the land beneath for owners and the community.
The California Entitlement ProcessSelected Holdings
View 27 ProjectsAcquisition & Construction
Single Family Residential
Redwood City, CA
Acquisition & Entitlement
3-Home Subdivision
Belmont, CA
- 40+
- Completed Projects
- 2007
- Founded
- 7
- Asset Classes
Current Projects
Our projects span multiple segments. We capitalize on future trends and hedge against market risk.
Redwood City, CA
Modern Residence
A 2,920 square foot residence taken down to the studs and rebuilt: Dove Grey oak floors, marble and granite kitchen surfaces, four bedrooms and three and a half baths across two levels, with the kitchen and dining room opening onto a deck and patio set against a wooded ridgeline.
Acquisition, Rehab & Construction
Related Single Family Projects
Portola Valley, CA
Office Rehabilitation + 3 Parcels
A 2,800 square foot single-story suburban office building with ancillary cottage and sheds on two adjoining sites totalling 1.41 acres. The plan rehabilitates an aging office asset while subdividing three additional single family parcels adjacent to one of the most established town centers on the Peninsula.
Acquisition, Entitlement & Rehab
Related Office Projects
Phoenix, AZ
Class B Multifamily Repositioning
Pacific States Capital has entered the Phoenix multifamily market, acquiring Class B structures with the intent of rehabbing and repositioning them as for-sale assets.
Acquisition, Rehab & Condo Conversion
Related Multifamily ProjectsAsset Classes
- Multifamily
- Urban and suburban infill, value-add rehab, condo repositioning.
- Single Family
- Detached subdivisions, infill lots, ground-up construction.
- Land
- Raw and partially entitled parcels carried through approval.
- Office
- Multi-story and suburban office, telecom, adaptive reuse.
- Medical
- Clinical and dental facilities in established trade areas.
- Retail
- Mixed-use residential over retail and daily-needs centers.
- Self Storage
- Entitlement and construction of infill storage.
FAQ
Acquisitions, entitlements and development
Common questions from brokers, sellers and investors working with us across the western states.
- What kinds of properties does Pacific States Capital acquire?
- We acquire small-cap real property in A and B locations across urban and suburban western markets: multifamily, single family, land, office, medical, retail and self storage. Most acquisitions fall in the $500K–$3M range and involve an existing structure rehab, a new land development, or a new entitlement.
- Which western states do you invest and develop in?
- California, Oregon, Washington, Arizona, Utah and Colorado. Our deepest concentration is entitlement and subdivision work on the San Francisco Peninsula and multifamily repositioning in the Phoenix market.
- What does the land entitlement process involve?
- Entitlement is the set of discretionary local approvals that establish what may be built on a parcel and under what conditions — pre-application review, CEQA environmental review in California, tentative map, and final approvals. It is the single largest driver of land value, and the stage where schedules most often slip.
- How long does a land development project usually take?
- Entitlement timelines are set by the jurisdiction, not the buyer, so we underwrite each project two ways: a base case and a slower schedule with reserves sized for at least one more hearing cycle than the base case requires. Hold periods are defined at the outset and the exit is underwritten both ways.
- How do you underwrite a land purchase?
- Land produces no income, so it is underwritten backwards — from the finished value of what an entitlement permits, less every cost and every month required to get there. We favor structures that truncate downside: options and rolling takedowns, milestone-based contingencies, seller participation and funded reserves.
- Can brokers submit a property or project for review?
- Yes. Brokers and owners can submit properties that fit our criteria through the brokers page or by emailing a package to info@pacificstatescap.com. We respond to submissions within 48 business hours.
- How can investors participate?
- Investors participate as passive partners in specific projects, with professional investment management by Pacific States Capital and quarterly reporting plus notice at each material milestone — approval, permit, construction start and disposition. Contact the Menlo Park office to discuss current opportunities.
Invest With Us
Exceptional returns. Solid relationships. A proven track record.
Our investments are simple to understand, improve the surrounding community, and make money for our investors and partners.
Review the Investment Approach