CaseyFreemanis associate editor of RealEstate New York and part of a three-person team nowcovering the Philadelphia market

PLYMOUTH MEETING, PA-Urdang Capital Management raised a total of$463 million in equity in its Urdang Value-Added Fund II. Thecompany will use the fund to purchase office, retail, industrialand multifamily real estate properties throughout the US.

"Over the remainder of the fund's investment period, whichcontinues until late 2010, we expect to invest up to 15% of thefund's capital in opportunities arising from the recent distress inthe for-sale housing market, including unsold condominium projectsand entitled land," David Blum, a portfolio manager at Urdang,tells GlobeSt.com. "The balance of the fund's capital will beinvested the four main property sectors--office, retail, apartment,and industrial." Urdang continues that "we expect to assemble aportfolio that is generally balanced among office, retail, andapartments, with a smaller allocation to industrialproperties."