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CHARLOTTE, NC–Grubb Properties raised more than $160 million forits Southeast Real Estate Fund VI, while its 2019 Grubb QualifiedOpportunity Fund topped $140 million.

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As a result, Grubb Properties plans to launch a 2020 QualifiedOpportunity Fund.

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"The 2020 Qualified Opportunity Fund takes advantage of thestrong pipeline of projects we continue to see in OpportunityZones," says Clark Spencer, senior vice president of Investments atGrubb Properties. "As a matter of fact, four of our multifamilyprojects were in Opportunity Zones before the laws evenpassed."

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The strategy for the 2020 QOF is a continuation of the 2019 fundstrategy which is primarily built around Grubb's multifamilydevelopment projects under the company's Link Apartments brand inWashington, DC and Winston-Salem, N.C.

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"The Link Apartments brand provides highly innovative,amenitized, and efficient urban housing in desirable living areasto help fill the growing housing gap," explains Spencer. "We try to"write down" the total cost of the project to be the mostaffordable the project can be."

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For example, Grubbs acquires multifamily properties built in the70's, 80's and 90's that were constructed on what was then the edgeof town and now is a central location. These properties are usuallygood investments and have great surface parking which can be usedfor office parking during the weekdays and then operate asresidential parking after-hours and on the weekends as thesemultifamily properties are usually located in the same space as theoffice building, Spencer tells GlobeSt.com.

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For instance, the office building in which Spencer works wasinitially Reverend Billy Graham's farm located on the edge of town."Now it's an office building 10 minutes from the center of town,"he says.

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The 2019 Grubb QOF has five acquisitions to date, comprisingcommercial properties in Chapel Hill, NC, Alexandria, Va., andColumbus, Ohio, as well as multifamily development projects inWashington, DC and Winston-Salem, NC.

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