NEW YORK CITY-Locally based Apollo Real Estate Advisors has closed Apollo Value Enhancement Fund VII LP, with a total of $758 million. The flexible investment strategy of Apollo’s Value Enhancement Funds is to focus on existing, income-producing US properties which present opportunities to increase value.

Apollo Value Enhancement Fund VII will continue Apollo’s value-added strategy of investing in real estate assets primarily in major markets in the US. The fund will seek to create a diversified portfolio across major property types, according to Steven Wolf, Apollo, a partner who oversees the firm’s Value Enhancement Funds. The fund was formed in August 2007, Wolf tells, and the initial target was $750 million, which Apollo achieved.

Fund investments include 500 1st St. NW in Washington, DC, a 129,000-sf office building. The nine-story building, which also has two underground parking levels, is located on 1st St. NW and East Street NW, just two blocks from Union Station and four blocks from the US Capitol. Apollo plans approximately $7 million in building improvements in conjunction with the lease renewal of the current tenant, the US General Services Administration on behalf of the Department of Justice, which currently has a 10-year lease, Wolf says in a prepared statement.

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