PHOTO: BRENT G. MATHIS
BizCONSTRUCTION
From left – Richa Singh, Raj Bakshi, Whitney Capanear, G.S. Jaggi, Sally Cooper & Caroline Janjic
Financing Partner Sees Opportunities
Presence of JV Driver Adds Potential for Growth By Christy Krueger The recent acquisition of BFL Construction by JV Driver Group is expected to have a positive trickle-down effect on the people and entities that Garry Brav partners with in his multifamily building division. Those include Roger Karber of Aerie Development, Ken Abrahams, president of NexMetro Communities, which operates outside the Tucson area, and G.S. Jaggi, founder of Iridius Capital. Jaggi believes JV Driver’s presence in Arizona will increase opportunities for development of future projects for him and his partners. “JV Driver has the infrastructure and bonding capacity in place to increase the volume of business that BFL engages in,” Jaggi said. “BFL’s local leader182 BizTucson
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Summer 2018
ship team will stay in place and continue to be a trusted construction partner.” In 2011, Jaggi founded Iridius Capital, offering real estate investment opportunities to high-worth investors. While he has extensive experience in venture capital and private equity, his preferred investment category is commercial real estate. “With real estate, there is always a tangible asset backing your investment,” he said. Iridius Capital’s real estate investing sectors include apartment, retail, office and hotel properties. Its first multi-family housing project was Avilla Tanque Verde in Tucson, a luxury rental home neighborhood developed by Aerie Development and built by BFL Construction. Since then, he has participated in
the financing of Avilla projects in Phoenix, which are developed by NexMetro. The Iridius team makes data-driven investment decisions and closely follows market circles. But it’s biggest strength, said Jaggi, is its relationships with its various partners. He explained that the development process begins with entitlements and land acquisition. Iridius typically raises capital from investors after the entitlement process is complete, reducing some of the risks investors might bear if they were investing during the earliest stages of development. Avilla Homes projects usually have a total investment period of three to four years. “The Aerie Development and NexMetro teams take a very strategic apcontinued on page 184 >>>
