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10/12/15
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TMG Partners and New York-based Park Madison Partners have closed on a $150 mil separate account to invest in value-add commercial real estate in the Bay Area. The capital was sourced from a single, large institutional investor based outside the U.S.
The venture will seek to acquire approximately $470 mil of new value-add and opportunistic developments in the San Francisco Bay Area. Product types will include office, R&D, residential and mixed-use. TMG will have complete discretion over acquisitions, management and dispositions in the venture.
In this joint venture, TMG is more seamlessly able to accelerate focus on the residential and commercial components of its 30-year history – and with one primary partner. TMG will also continue to grow relationships with existing and new partners as larger deals warrant co-investment relationships. The new JV will offer the flexibility to expand over future cycles, allowing for more robust financial dexterity during a downturn in order to take advantage of buying opportunities.
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