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Las Vegas execs launch real estate firm with $100M to spend

Updated March 29, 2023 - 3:07 pm

Two Las Vegas executives launched a real estate investment firm, with an initial $100 million at hand to spend.

Longtime developer Larry Canarelli and investment banker Viney Singal on Wednesday unveiled their new venture, Capro Capital, saying it will focus on “partnering with top real estate operators and developers nationwide,” with a concentration in the western United States.

“We’ll stay in markets we’re really comfortable with,” Singal, founder of Valtus Capital Group and CEO of the new investment firm, told the Review-Journal.

Backed by Canarelli’s management arm Bruin Capital Partners, Capro boasts $100 million of capital and aims to have $500 million of assets under management for its first fund, according to a news release.

Southern Nevada’s wheeler-dealer real estate market has locally based development firms, brokerages and other companies in the industry. Singal, however, agreed that Capro is one of maybe a few “institutional” real estate investment firms based in Las Vegas.

“We have a wide range of real estate experience and together I’m sure there’s a future of success,” Canarelli said in Wednesday’s news release.

Canarelli built houses in Southern Nevada for decades and assembled extensive landholdings in the region. He launched American West Homes in 1984 and sold its homebuilding operations to PulteGroup in 2019.

Pulte acquired 1,200 lots for more than $150 million and had an option to buy an additional 2,400 lots. Canarelli still owned more than 6,000 acres of land in Southern Nevada, he said at the time.

Last year, he sold a chunk of his land holdings to Station Casinos, which acquired roughly 126 acres at the corner of Las Vegas Boulevard and Cactus Avenue, several miles south of the Strip, from Canarelli for more than $170 million.

Meanwhile, Singal boasts more than 25 years of investment banking experience.

He has worked on financing for a range of properties and projects, including apartment complexes, industrial facilities and downtown Las Vegas’ Circa resort.

According to Valtus’ website, the firm raised $450 million for the construction of Circa, which opened in 2020 and was downtown’s first newly-built hotel-casino in four decades.

Singal said Valtus will remain in business.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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