Private real estate investor and manager, Shorenstein Properties, has closed its 10th real estate fund at $1.23 billion. The equity commitment for the Shorenstein Realty Investors Ten includes a $75 million investment by the firm.
Other investors are domestic and foreign foundations, college endowments, pension funds and high-net-worth individuals, including the $7.3 billion endowment of the University of Michigan. The fund might develop new properties and provide equity or debt to recapitalize properties. It will target single asset and portfolio acquisitions.
Click here for the release from Shorenstein.
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