Harbert raises $110m for latest fund
Harbert Management Corp. has raised approximately $110 million of the $300 million it is seeking for its latest real estate fund, Harbert United States Real Estate Fund V, according to a filing with the SEC.
HUSREFV launched in 2012 with a March 2014 final close date. The value-added fund will invest in transactions of between $20 million and $80 million in the office, retail and industrial sectors. Harbert's geographic focus is on primary and secondary markets across the mid-Atlantic, Southeast and Southwest regions.
HUSREF V has started to invest its capital. In conjunction with Cortland Partners, it acquired East Lake Apartments, a 510-unit lakeside multifamily community in Marietta, Ga. Cortland and HUSREF closed on the garden-style apartment community Feb. 1 and will invest $9.2 mill