Harrison Street completes first closing on third fund
June 16, 2010 | Staff Writer | Print Article | Email this Article
Harrison Street Real Estate Capital LLC has completed the first closing of its third fund, Harrison Street Real Estate Partners III, L.P., raising $165 million to date. This announcement comes shortly after the firm reached $2.0 billion in real estate assets under management.
Christopher Merrill, co-founder, President and CEO of the real estate private equity firm, announced the milestone, saying the fund expects to raise $500 million, which equates to approximately $1.75 billion in purchasing power.
Harrison Street Real Estate Capital is a real estate private equity firm focusing on the acquisition and development of “need-based” real estate assets in the education, healthcare and storage segment of the market. These property types include off-campus student housing, senior housing, medical office buildings and storage properties.
According to Merrill, investors in Harrison Street Real Estate Partners III, L.P., similar to the first two funds, include U.S. and European corporations and pension funds, foundations, family offices and endowments.
Since the beginning of the year, through the end of May, the firm has made over $250 million worth of new investments in the storage, student housing and senior segments. Investments in 2010 include a joint-venture with Extra Space for the acquisition of a portfolio of self-storage properties, the development of an off-campus student housing property at Texas Tech, the acquisition of an off-campus student housing property at Indiana University and the development of a memory care property in Needham, MA.
With these investments, on behalf of its first two funds, Harrison Street now owns and manages a portfolio of 178 real estate assets in 32 states equating to over $2.0 billion in gross real estate value. Harrison Street’s portfolio of owned and managed real estate consists of 13,780 student housing beds, 3,615 senior housing / assisted living units, over 60,990 self-storage units, 2,859 dry and wet boat storage and 857,936 square feet of medical office space.
Tags | Chicago, finance, Harrison Street Real Estate Captial
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