Gerding Edlen has $234m final close for urban fund

Portland, Ore.–based Gerding Edlen has had a $234 million final close on Gerding Edlen Green Cities II, value-add/opportunistic fund that will invest in office and apartment properties in U.S. urban markets.

The fund launched in November 2012 with a fundraising goal of between $200 million and $250 million and had its first close in January 2013. The fund’s predecessor, Green Cities I, closed in December 2011 after raising $183 million.

Green Cities II has already invested in a number of urban apartment and office properties in Boston, Chicago, San Francisco and Seattle, according to Molly Bordonaro, senior vice president with Gerding Edlen, and is seeking a net IRR in the high teens. The fund manager has co-invested an undisclosed amount into the fund.

Gerding Edlen Investment Management was founded in 2009 and has more than $750 million of assets under management. The devel