Fund II has been capitalized with $200 million, which is expected to deliver $800 million in purchasing power. The fund, which will focus on value add opportunities across all asset classes, has not closed on any investments yet; it does have, though, two letters of intent on investments that equal between $40 million and $50 million together, Balsam tells GlobeSt.com. One is an apartment development deal in Atlanta; the other, an industrial acquisition in Miami. "My role will be to help place the $200 million and run the fund from PRS' investment platform," he says.

Fund II is an expansion of the company's existing investment capabilities. But the firm is looking to expand into other investment vehicles over the next 12 to 18 months, according to Balsam. "We are evaluating core, core plus, distressed assets and a land fund."

For the past 12 years, Balsam has been the senior investment officer at Fidelity Management & Research's private equity real estate group. Prior to joining Fidelity, he was a real estate workout consultant at E&Y Kenneth Leventhal.