NEW YORK CITY—BRP Companies plans to launch a $75 millioninvestment fund that will leverage upwards of $250 million of newresidential development around the New York City metropolitan areaand New Jersey. The announcement comes as BRP completed an initialclosing with Goldman Sachs Urban Investment Group, which willprovide the equity in conjunction with other high net-worthindividuals.

|

Known as the “GS BRP Urban Joint Venture,” the fund will producesuperior risk-adjusted investment returns through the acquisition,development, repositioning, management, and disposition of adiversified portfolio of mixed-use, mixed-income residentialproperties in New York City, Westchester County, NY and NorthernNew Jersey.

|

“Our team's experience and track record in successfullynavigating the complexities of urban markets uniquely qualifies usto achieve attractive risk-adjusted returns for our investors.”says Geoff Flournoy, managing partner of BRP Companies. “We arebolstered by investors' confidence and look forward to the excitingprojects and opportunities this fund will create.”

|

The fund continues a successful relationship between BRPCompanies and GSUIG, which already has completed more than $140million of development throughout New York City and Philadelphiaand has projects valued at $260 million currently inconstruction.

|

”We are excited to expand our already strong relationship withBRP Companies in this new venture,” adds Margaret Anadu, managingdirector at Goldman Sachs. “BRP's thoughtful approach tocomprehensive community development is consistent with the missionof the Goldman Sachs Urban Investment Group and the investmentswill bring much needed housing, retail, and community facilities tounderserved neighborhoods.”

|

The fund will investment between $5 million and $30 million ofequity in energy efficient, sustainable, transit-orienteddevelopments situated in urban infill locations.

|

“The launch of this fund could not be timed better,” notesMeredith Marshall, managing partner of BRP Companies. “The growing– and largely unmet – demand for workforce housing in the New YorkCity area will make this fund a catalyst for many new and excitingopportunities.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.