Swift holds $324m final close for value-added fund
Swift Real Estate Partners has raised $324 million for its Swift Real Estate Partners Fund I, which launched on July 3, 2013. The value-added fund invests in office and industrial properties in the San Francisco Bay Area and other major West Coast metropolitan areas. Targeted property sizes range from $5 million to $150 million.
Investors include 23 institutional investors and high-net-worth individuals. A recent investor is the $119.7 billion Texas Teacher Retirement System, which invested in the fund in January 2014.
Shortly after the fund launch, the firm acquired its first property in September 2013. Swift paid $20 million for the 77,000-square-foot Corporate Terrace, an office building in Lafayette, Calif. The suburban office building was acquired from a joint v