Baltimore, Maryland – Alex. Brown Realty, Inc. has conducted the final closing for ABR Chesapeake Fund V, a real estate investment fund targeting value-add opportunities in the US mid-cap real estate market. Capital commitments totaled $191.75 million.
Fund investors include the West Virginia Investment Management Board, Baltimore City Fire and Police, and other pension funds, endowments, foundations, family offices and high net worth investors.
The fund will invest in moderately-leveraged mid-sized properties and will focus on assets that require repositioning or other value-add strategies. All acquisitions will be made through joint ventures with local operators, with particular emphasis on acquisitions made with ABR’s preferred joint venture partners. The portfolio is expected to be well diversified, both geographically and by property sector.
The fund expects to assemble a portfolio of 20-30 assets and has already acquired its first 13 investments representing $118 million in fund equity across 16 properties and 10 markets. The investment period for the fund will be completed no later than June 2020. Typical asset holding periods will be between three and seven years, and the fund will self-liquidate as assets are sold.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com