Gerding Edlen Closes $183M Value-Add Fund
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Kelly Saito is confident in the
strategy of retrofitting existing
apartments and developing new apartment
properties on previously entitled sites.
(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
PORTLAND, OR-Locally based Gerding Edlen has closed its first fund—Gerding Edlen Green Cities I LP. The $183 million, value-added fund will target apartment and mixed-use buildings, specifically retrofitting and developing LEED-certified apartment properties in targeted, high-growth urban markets, according to a prepared statement.
Several trends are leading to growth in the sustainable-living apartment sector, including drops in overall home ownership and demographic shifts that align with sustainable living and the convenience of apartments, says Gerding Edlen president Kelly Saito. Saito points out that the company is confident in its strategy of “retrofitting existing apartments and developing new apartment properties on previously entitled sites for both our investors and tenants,” and adds that the company has already invested in seven properties in Southern California, San Francisco, Seattle and Boston, and will continue to seek strategic targets “where we can enhance the existing community and produce a high return for investors.”
One particular investment, as GlobeSt.com previously posted, was the purchase of an apartment project in downtown Seattle close to Seattle University from Dallas-based Valencia Capital Management for $5.6 million. The company also acquired two California development sites as part of its urban infill strategy, as GlobeSt.com reported. The two properties were 1285 Sutter St. in Downtown San Francisco and 512 Rose Ave. in the Los Angeles seaside community of Venice, both of which Gerding Edlen intends for LEED Gold certification.
Gerding Edlen senior vice president Molly Bordonaro, says in a prepared statement that the company “continues to see demand for well designed, well located apartments in our targeted markets with sustainability becoming significantly important to renters including the largest renter pool, ‘generation y.’”
Categories: West, Multifamily, Acquisitions/Dispositions, Development, Portland, OR
Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce’s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer’s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.
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