BALTIMORE, MD—Locally-based Continental Realty Corp. has formed its fourth investment fund seeded with $164.4 million in private equity funds. Investors in Continental Realty Fund IV, L.P. include investment advisors, institutional investors, high-net worth individuals, foundations and endowments.
The fund will target acquisitions of value-add multi-family apartment communities and retail properties located throughout the Mid-Atlantic and Southeast regions of the US. In general the company likes to targets off-market properties, according to Gene Parker, president of Continental Realty.
Continental Realty owns and manages more than 8,000 apartment complexes and more than three million square feet of retail space.
"Our team continues to evaluate attractive multi-family and retail opportunities throughout our target markets, and this closing provides us with continuing capacity to acquire assets that match the value-add characteristics of our latest real estate fund," says CEO J.M. Schapiro, in a prepared statement.
The company's investment due diligence is rigorous, Schapiro adds, noting that for its third fund "we reviewed over 1,900 opportunities to purchase twelve."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
