Alex Bhathal points to several highlights since winning the Business Journal Excellence in Entrepreneurship award last March.
Newport Beach-based RAJ Sports, which is co-led by his sister Lisa Baatar Merage, has acquired controlling interest in the Portland Thorns FC of the National Women's Soccer League. The team is valued at about $65 million, according to trade publications.
“This is definitely a highlight,” Alex Birdsall told the Business Journal. “We strongly believe in the growth potential of our league. We have a huge fan base and a history of success on and off the pitch.”
The acquisition completes the Barthal family's ownership of sports teams, including the NBA's Sacramento Kings, Sacramento RiverCats AAA baseball club, Stockton Kings NBA-G League club, and Kings Guard NBA 2K esports team. It is the latest in a growing portfolio of positions.
In addition, Lisa and Alex are co-founders and managing partners of Revitate, an investment firm specializing in sports, real estate, and consumer brands. So far, it manages about 10 different funds in real estate areas such as opportunity zones and workforce housing.
Alex helped persuade three executives, including former Securities and Exchange Commission Chairman Chris Cox, to join Livitate's board of directors. Jeremy Gorman is the former CEO of Netflix, Snap, and Amazon. Bill Quvenglos, former CEO of Pacific Investment Management;
In September, Revitate announced it was raising $150 million for its second real estate investment fund for workforce housing. Its first fund, Revitate Cherry Tree Fund I, raised his $110 million and was invested in six of his apartment complexes in the Midwest. Revitate Cherry Tree is a multifamily investment fund led by former Irvine Co. alumnus Chris Marsh (see his page 1 in the article).
Revitate also led or co-led four Opportunity Zone funds and invested in 15 projects with an estimated total project value of $1.5 billion. Revitate executives are particularly proud of a project in Charleston, South Carolina called Morrison Yard Residences, also known as “NoMo.” The project transformed a warehouse yard at a nearby port into a complex with 380 upgraded multifamily rental units.
In November, Revitate broke ground on 344 homes at Trails in Albuquerque, New Mexico. The project was named “Land Deal of the Year” by the Informational Management Network.
“We're excited about the project,” Baatar said. “This beautiful project will help address the region’s critical housing shortage by delivering 344 new rental homes.”
Earlier this year, Revitate launched a vehicle for outsiders to invest in its consumer growth equity fund, RX3 Growth Partners, of which he serves as senior operating partner. RX3 founders include NFL quarterbacks Aaron Rodgers, Byron Ross, and Nate Rabe.
“We're definitely staying busy,” Baatar said.
