Fundraising - APRIL 27, 2017

Gerding Edlen holds $416m final close

by Jody Barhanovich

Gerding Edlen Investment Management has held a $416 million final close for its third real estate fund, Gerding Edlen Green Cities III, exceeding its $350 million target.

Gerding Edlen Green Cities III is the firm’s largest fund to date to invest in sustainable U.S. mixed-use, multifamily and office properties in urban, high-growth markets that present value-add investment opportunities. Through the fund, the firm will focus on developing, retrofitting and managing properties with an environmentally responsible and community-oriented approach.

Gerding Edlen received equity commitments from a range of new and existing investors. Commitments included $50 million each from the $30 billion Connecticut Retirement Plans and Trust Funds in December 2016 and the $4 billion Fresno County (Calif.) Employees’ Retirement Association in November 2015.

To date, Gerding Edlen has committed approximately 64 percent of the fund’s capital, investing in eight transactions, including new construction and value-add retrofit.

Gerding Edlen raised two previous real estate funds in the series, Gerding Edlen Green Cities I and Gerding Edlen Green Cities II, with $183 million and $234 million in total equity commitments, respectively, that follow a substantially similar investment strategy.

In the past seven years, Gerding Edlen and its commingled real estate funds have invested in 22 properties within six high-growth U.S. cities, totaling 3,000 apartment units, 1.2 million square feet of office space and a total gross asset value of $1.7 billion.

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