Joint venture plans to develop and acquire industrial, office and mixed-use properties
BOSTON, MA — January 21, 2016 — Strategic Capital Partners and Berkshire Residential Investments announced a joint venture to develop and acquire a portfolio of industrial, office and mixed-use properties in targeted Southeast, Mid-Atlantic and Midwest markets. The new venture expects to build a portfolio of approximately $500 million in gross asset value through joint ventures with third-party institutional investors.
“We are excited to partner with Strategic Capital Partners and look forward to building a high quality portfolio together over the next several years,” stated Larry Elman, Berkshire Managing Director, Chief Investment Officer/Venture Investments. “Working with SCP will allow us to enter the office and industrial sectors in some attractive markets in strategic regions alongside a highly experienced operating team.”
The venture closed on its first three assets in December 2015, which includes two office development sites in Raleigh, North Carolina, and one business park acquisition in Northern Virginia.
“A partnership with Berkshire represents a significant step for our company, and we look forward to scaling our platform together,” stated Richard Horn, Managing Partner of Strategic Capital Partners.
KeyBanc Capital Markets acted as financial advisor on the transaction.
About Berkshire Residential Investments
Berkshire is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of September 30, 2015, Berkshire had approximately $6.0 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.
Berkshire Residential Investments