Fund begins deploying capital
Rescore Property Corp., a hybrid private REIT/closed-end fund managed by Encore Capital Management, has begun deploying its capital, according to sources familiar with the matter.
The fund, which focuses on urban infill development of new mid-rise multifamily properties in coastal urban and other high job growth metros, has closed its first acquisitions. One is a 300-unit project in Hollywood, Calif., located two blocks from the intersection of Sunset and Vine, and the other is on Market Street in San Francisco. Ground will likely be broken on the Market Street project in late 2015 or early 2016.
Encore Capital Management declined to comment.
The fund will be closing on another acquisition in the San Francisco Bay Area before the end of December, and will probably have three or four more acquisitions closed by the end of the first quarter of next year, according to sources. Outside of California, projects in Austin, Dallas, Miami and Orlando are curre