HOUSTON—The Roseview Group, based in Boston, onbehalf of the Roseview Evergreen Fund, a $500million discretionary real estate separate account with a majorU.S. corporate pension fund, and locally based PM RealtyGroup, a national real estate investment and propertyservices company, have formed Roseview-PMRG Fund ILLC, a $250-million discretionary fund to acquire andreposition office properties across the US.

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The fund seeks to acquire and reposition existing office assets,which can be acquired below replacement cost, by investing capitalto upgrade building common areas and mechanical systems and to fundtenant improvements and leasing commissions. The fund willbring an operational approach to owning office assets and, inaddition to growing revenue, will focus on operating buildings moreefficiently, improving the tenant experience and reducing waste andpromoting eco-friendly consumption.

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According to the two firms, the fund will target mid-teensreturns with total investment per asset of $15 to $65 million inprimary and secondary markets. The partnership has alreadyclosed on it first acquisition, a 137,000-square-foot officebuilding in Houston in the Greenway Plaza submarket.

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Roger Gregory, president of investments atPMRG, tells GlobeSt.com that “While market fundamentals andconditions continue to improve in select markets and submarketsthroughout the US, we believe that we will have significantopportunities to acquire value added properties with tremendousupside as more properties come to market.” He adds that “becauseRoseview-PMRG Fund I is a discretionary fund we are able to assuresellers and broker of a quick and efficient close. We havealready demonstrated this by closing on our first acquisition.”

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Vince Costantini, managing partner and CEO ofthe Roseview Group, notes that “This venture builds on a 20-yearrelationship between the principals of our two firms and ourinstitutional partner. The economy continues to recover and isfueling new job growth in many markets. As a result, we believethere exists a strong risk-adjusted opportunity to acquire andreposition existing office buildings and the fund iswell-positioned to competitively pursue these opportunities.”

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Rick Kirk, PMRG's chairman and CEO, adds that“the combination of discretionary investment capital with a strongnational investment and operating platform will give our team atremendous competitive advantage.” Kirk continued by saying, “PMRGhas the investment track record and operational expertise todevelop and execute a strategic capital plan at each property anddeliver positive results.”

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her 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 for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.