ASB holds $171m final close
ASB Real Estate Investments has held a final close for its ASB Meridian Real Estate Fund II, raising $171 million.
The fund will continue ASB’s strategy of investing in high-quality, undervalued real estate assets in emerging submarkets within major U.S. markets.
In June 2016, Fund II acquired a prime Union Square mixed-use building at 862 Broadway between 17th and 18th streets in New York City. The seller was 862 Broadway, a partnership controlled by L3.
The fund’s predecessor, ASB Meridian Real Estate Fund I, closed in 2010 with $113 million in equity commitments and liquidated its final asset in 2015.
Since 2004, ASB has invested $2.1 billion in 41 value-creation investments.