WASHINGTON, DC—Rock Creek Property Group has closed on its second fund, raising $60 million, which will be used to invest in the greater Washington DC area. The fund is targeting most CRE asset classes in the middle market category – that is investments in the $3 million to $30 million range. Investments will typically be value-add opportunities and strategic joint ventures.

It is a similar orientation as the company's Fund I, whose investments over the years have ranged from a former charter school, which sold last year to the Embassy of the Sultanate of Oman to the sale of the Regal Center, a 52,500-square foot shopping center in Sterling, VA.

One change the company is introducing in Fund II, however, is that it will also look to acquire well-located, income-producing assets with the potential for long-term appreciation. In short, it will not be focused only on properties that have a short-term exit strategy. One of the lessons learned from Fund I and the company's current deal flow is that certain assets should be held longer term, principals Gary Schlager and Andy Glick said in a prepared statement. Its investors will be better suited with a mix of investment styles -- development, opportunistic and income-producing -- in one fund, they said.