Sterling raises $95m for second fund
The Sterling Organization has raised $95 million for its recently launched Sterling Value Add Partners II, according to a filing with the SEC. The filing did not disclose a fundraising goal.
The fund’s predecessor, Sterling Value Add Partners, closed in January 2013 after surpassing its $125 million fundraising goal by hauling in $138 million. It targets grocery-anchored shopping centers and power centers in major markets with dense populations, high traffic counts, high barriers to entry and low anchor rental rates, according to a statement released at the time of the final close. With the use of leverage, SVAP has a buying power of up to $400 million.
The Florida-based Sterling Organization is a private equity real estate investment firm focused on investing in value-a