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3/02/16
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Swift Real Estate Partners recently closed on two Pacific Northwest acquistions in deals totaling $30.5 mil. The acquisitions were made through Swift’s second Fund, SREP II, a $400 mil value-add real estate fund launched in September 2015. SREP II has already received commitments of $222.5 mil with a pipeline of another $130 mil expected to close in the coming weeks.
Swift’s second fund is a follow up to their inaugural fund in which they raised $329 mil of equity. More than 90% of investors in Swift’s Fund I are expected to reinvest in SREP II. Swift’s investor base includes U.S. pension funds, endowments and foundations, as well as foreign investors and investment advisors.
The recently acquired Pacific Northwest assets include office properties in Portland and Bellevue, a suburb of Seattle. The Portland assets include the four-story Merchant Hotel building, two-story Norton House building and two-story Captain Couch building, all located in the city’s Old Town submarket. The Bellevue acquisition was a three-story building located at 915 118th Ave. SE.
San Francisco-based Swift is pursuing value-add office investment opportunities in the Western United States, focused in the San Francisco Bay Area, Southern California and the Pacific Northwest.
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