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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 see

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