Real Estate Equity Industrial
60th Street Warehouse
Kentwood, Michigan Syndication Active
Development
Grand Rapids, Michigan
Private equity built around real estate.
Carbon River Capital is a West Michigan private equity and real estate investment firm focused on commercial real estate, real estate-backed businesses and special situations.
Based in Grand Rapids, Michigan, we invest our own capital alongside our partners in opportunities where experience, relationships and creative structuring can create an advantage.
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Discipline
Every investment starts with the fundamentals. We evaluate the real estate, cash flow, capital structure, market and downside before underwriting the opportunity.
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Alignment
We invest alongside our partners. Our interests are tied to the performance of the investments we acquire, structure and manage.
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Execution
Our experience in development, acquisitions, brokerage, finance and operations allows us to pursue investments that require more than simply buying an asset.
The Firm
Experience across the full lifecycle of real estate.
Carbon River Capital is a Grand Rapids-based private real estate investment firm founded by the principals of Third Coast Development.
Our investment approach was built through decades of acquiring, developing, financing, leasing, repositioning and operating commercial real estate.
That experience shapes how we invest today.
We seek opportunities where our understanding of the asset, market, capital structure or underlying business gives us a reason to invest. We are comfortable with straightforward investments, but particularly interested in situations where complexity creates opportunity.
Our principals remain directly involved from initial underwriting through ownership and eventual disposition.
Investment Strategy
We invest where we believe we have an edge.
Carbon River pursues real estate investments across a range of risk profiles rather than forcing capital into a single asset class or strategy.
Our focus is on opportunities where strong underlying real estate is combined with durable cash flow, identifiable value creation or an attractive basis.
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Stabilized Real Estate
Income-producing commercial real estate supported by strong locations, durable tenancy and long-term cash flow.
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Value-Add Real Estate
Properties where active ownership can materially improve value.
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Sale-Leasebacks
A business sells the building it operates from and stays as a long-term tenant.
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Special Situations & Operating Companies
Some of the most compelling real estate opportunities begin with the business occupying the building.
Investments
Investments built on real assets.
Our experience spans stabilized acquisitions, value-add investments, development, sale-leasebacks and transactions involving operating companies and their underlying real estate.
Explore selected investments to see how Carbon River identifies opportunity, structures capital and creates value.
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Real Estate Equity Industrial
4444 52nd Street
Kentwood, Michigan Syndication Active
Value-Add Real Estate Redevelopment
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Real Estate Equity Mixed use
833 Michigan Street
Grand Rapids, Michigan Syndication Active
Value-Add Real Estate Redevelopment
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Real Estate Equity Mixed use
American Seating Park
Grand Rapids, Michigan Syndication Active
Investment Approach
From opportunity to execution.
Our principals are directly involved throughout the investment lifecycle.
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Source
Long-standing relationships across brokerage, development, lending and business ownership provide access to opportunities both on and off market.
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Underwrite
We begin with the downside. We underwrite the investment we are buying today, not simply the outcome we hope to achieve tomorrow.
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Structure
The capital structure should fit the investment. Thoughtful structuring can improve both flexibility and risk-adjusted return.
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Execute
An investment thesis only matters if it can be executed.
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Realize
We continually evaluate each investment against its original thesis and the opportunities available in the market.
Why Carbon River
Principal-led investing.
Carbon River was built by real estate professionals, not capital raisers.
The firm's principals have spent their careers finding sites, structuring transactions, securing financing, developing buildings, negotiating leases and managing real estate through changing market cycles.
That operating experience influences every investment decision we make.
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Local Knowledge
Deep roots in West Michigan provide relationships and market knowledge developed over decades.
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Direct Involvement
Investment decisions are made by the principals who source, underwrite and oversee the investments.
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Flexible Mandate
We are not required to deploy capital into a particular property type simply because it fits a predetermined allocation.
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Creative Structuring
Experience across development, acquisitions, financing and operating businesses allows us to evaluate opportunities others may overlook.
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Alignment
We believe investment managers should have meaningful exposure to the outcomes they create. Carbon River invests alongside its capital partners.
Team
Experience matters. So does who is making the decisions.
Carbon River’s investment decisions are made by its principals.
Together, David Levitt, Max Benedict and Bradley Rosely bring decades of experience across commercial real estate development, brokerage, finance, acquisitions, leasing and capital structuring.
Their work together began with Third Coast Development and expanded into Carbon River Capital as opportunities increasingly extended beyond traditional development.
Opportunity takes many forms.
We welcome inquiries from property owners, business owners, brokers, lenders, investment professionals and others interested in learning more about Carbon River Capital.
Whether you are considering the sale of a property, exploring a sale-leaseback or recapitalization, or presenting an investment opportunity, contact our team.