Fundraising - APRIL 3, 2013

Latitude Management raises $242.2 million for third fund

by Andrea Waitrovich

Latitude Management Real Estate Investors, formerly Legg Mason Real Estate Investors, has raised approximately $242.2 million for its value-added fund Latitude Management Real Estate Capital III, according to a filing with the Securities and Exchange Commission. The fund has a $550 million fundraising goal. A final close date was not disclosed.

Latitude Management Real Estate Capital III will acquire assets between $5 million and $25 million. Approximately 50 percent of its equity will be invested in multifamily properties, and the remaining capital will be diversified into multi‐tenanted office, multi‐tenanted industrial, limited-service hospitality, and grocery-anchored and urban infill multi‐tenant retail properties. Latitude Management will seek opportunities in suburban, primary and secondary markets in the West, Southwest, South Central and South that need short-term financing.

The fund is a follow-up to Legg Mason Real Estate Capital II (LMREC II), the firm’s fifth real estate debt fund. LMREC II has generated investments of more than $1.65 billion in value-add real estate assets and securities since 2005.

Latitude Management originates, invests in and manages commercial real estate loans, securities and value-added real estate assets throughout the United States and Canada.

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