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.
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.
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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