The Distribution by Juniper Square The Capital Stack Reset Creating Opportunities in Real Estate - Neville Rhone - Co-Founder & Managing Partner - Arc Capital Partners
Dec 12, 2025
Neville Rhone, co-founder and managing partner of Arc Capital Partners, shares his journey from engineering to real estate investment. He reflects on valuable lessons from Morgan Stanley and Canyon Partners, emphasizing the potential of the middle market for stable returns. Neville discusses how today's capital constraints create unique opportunities for structured solutions. He identifies key focus areas like middle-income housing and grocery-anchored retail in the Sunbelt, offering insights on how general partners can navigate this shifting landscape.
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From Balsa Wood To Real Estate Finance
- Neville Rhone describes moving from civil engineering to real estate after enjoying structural design challenges in a math-competition balsa-wood project.
- That early engineering curiosity led him to pursue Cornell, Tishman construction work, and ultimately Columbia Business School to bridge design and finance.
Top-Down Capital Often Misses Local Fundamentals
- Neville found a large gap between top-down institutional capital decision-makers and on-the-ground asset fundamentals at Morgan Stanley.
- That disconnect shaped his belief that understanding block-level fundamentals delivers better investment judgment.
Joining Canyon To Bridge Strategy And Fundamentals
- Neville left Morgan Stanley to join Canyon Partners to reconnect top-down and bottom-up investing and pursue unique value strategies.
- At Canyon he partnered on investments, including with Magic Johnson, focusing on CBDs where capital had evacuated.