Multifamily investment veterans Brennen Degner and Paul Pittman have launched a new private real estate investment firm to acquire value-add multifamily assets. With $30 million in general partner capital from funds managed by private equity firm Inceptiv, Denver-based Platte Canyon Capital (PCC) will exclusively target mismanaged and undercapitalized properties in markets with strong fundamentals and growth potential, such as Texas’ Austin, Dallas, and San Antonio as well as Denver and Salt Lake City.

“Our launch comes at a pivotal moment for the multifamily industry,” said Degner, co-founder and CEO. “Valuations have pulled back significantly over the past few years, creating opportunities we’ve been preparing for. While we haven’t seen the widespread distress many have anticipated, we believe it’s inevitable to some degree—and now, with our financial resources, we’re well positioned to act decisively when those opportunities arise.”
According to the leaders, the proprietary acquisition model will emphasize off-market and pre-market opportunities so that PCC can unlock value by avoiding the inefficiencies of traditional marketed deals.
With Incentiv’s support, the firm is positioned to acquire up to $1 billion in multifamily assets through joint-venture partnerships with moderate leverage over the next three years.
“The partnership between PCC and Inceptiv gives us the edge to step in as a dependable option for sellers who need certainty in their transactions. We’ve spent years building a solid understanding of our markets and aligning with capital partners who share our vision. That combination lets us move fast and with purpose,” Degner said. “Over the next year, I believe disciplined investors who can adapt to the shifting landscape will have a rare opportunity to create meaningful value, and we’re ready to take advantage of that.”

Pittman, who serves as chairman of the board, added that he and Degner have the right skill sets to build a platform designed to deliver exceptional results while adapting to the industry’s evolving dynamics.
“Brennen’s operational expertise, experience in our targeted markets, and ability to navigate complex investments align perfectly with my focus on strategic growth and disciplined capital deployment,” he said.
Degner also will remain involved in DB Capital, the multifamily investment firm that he founded and where he was the former CEO, in an advisory capacity.