Summit Real Estate adds nearly $40m to third growth fund

The ArrowRock Income & Growth Fund III, managed by Summit Real Estate Group, has secured backing from 91 investors and raised $62.8 million, according to an SEC Form D filed Nov. 25.

According to Summit’s website, the Arrowrock Income & Growth Fund Series was created to acquire, manage and selectively develop institutional-quality industrial and retail commercial real estate assets in high-growth markets.

The firm’s latest value-added fund is looking to invest $350 million into industrial, logistics, triple-net lease and warehouse assets in the United States. ArrowRock Income & Growth Fund III will acquire and selectively develop class A and class B infill, last-mile industrial assets that range from 50,000 to 250,000 square feet, according to the firm’s website. The fund will target markets with growth characteristics above U.S. averages.