Investor Relations
Predictable and opportunistic.
Pacific States Capital focuses on investments that generate strong cash-on-cash returns and long-term capital appreciation, often at higher rates than otherwise available asset classes.
The approach
Land does not produce income, so it is not underwritten like income property. It is underwritten backwards — from the finished value of what an entitlement permits, less every cost and every month required to get there. That discipline is what allows the firm to pay for dirt without paying for optimism.
We prefer structures that truncate downside rather than stretch upside: options and rolling takedowns, milestone-based contingencies, seller participation, and reserves sized for one more hearing cycle than the base case requires.
Our investments are simple to understand, improve the surrounding community, and make money for our investors and partners. Across 27 completed projects, that has meant refusing more deals than we accept. See the completed portfolio or read how we underwrite a land development deal.
What we look for
- Markets
- California, Oregon, Washington, Arizona, Utah and Colorado — urban and suburban.
- Asset classes
- Multifamily, single family, land, office, medical, retail, self storage.
- Project types
- Existing structure rehab, new land development and construction, new entitlement.
- Location classes
- A and B locations with established or clearly improving demand.
- Hold period
- Defined at the outset, with the exit underwritten two ways.
How participation works
01
Introduction
A direct conversation about objectives, horizon and the type of project you want exposure to. No obligation and no offering documents at this stage.
02
Project review
When a project matches, we share the underwriting: basis, entitlement posture, schedule, capital stack, sensitivity to a slower approval, and the exit assumptions.
03
Participation
Investment is documented on a per-project basis with defined economics, reporting cadence and distribution mechanics.
04
Reporting
Quarterly reporting through the investor relations channel, plus notice at each material milestone — approval, permit, construction start, disposition.
Start with a conversation, not a subscription document.
Tell us what you are looking for and we will tell you honestly whether our pipeline fits.
Contact Investor RelationsThe information presented on this website is not an offer to sell or a solicitation of an offer to buy securities. Past performance is not indicative of future results.