Charles River Realty Investors closes Fund IV, merges with National Development

In early October, Charles River Realty Investors announced the closing of its Charles River Realty Fund IV with $400 million. In addition, the firm announced it was combining with National Development to form a vertically integrated real estate investment, development, construction and operating company.

The combined firm will be known as National Development, with Brian Kavoogian, who was president of Charles River Realty Investors, becoming a managing partner and a member of the firm’s executive committee.

The fund series targets value-added investments in New England, with a specific focus on Boston, and invests across all property types, including office, retail, industrial, hotels, senior housing and student housing.

Since Charles River’s formation in 2006 as the investment management platform of National Development, the firms have committed more than $4 billion in real estate investments, with a primary focus on creating value through urban and mixed-