"We are looking for assets that are located anywhere within a two-hour car ride from DC," Schlager tells GlobeSt.com. The firm expects it will invest between $4 million to $5 million per transaction, unless it teams up with an institutional partner, in which case it would beco-investing in a much larger project, he says. This is Rock Creek's first co-mingle investment fund after years of investing through JVs and other partnerships, he adds.The fund, which has a five-to-seven year time frame, might also buy troubled or underwater notes.
Formed in 2002, Rock Creek has worked with more than 100 private investors and pension plans on individual investments in the $5 million to $20 million range--a sweet spot that Schlager describes as too small for institutional players and too large for high-net worthindividuals or mom-and-pop investment shops. The fund completed its first purchase in November--the 31,594-square-foot Pear Tree Village Center on Route 1 in Alexandria, VA. It came with a 20,000-square-foot pad site, which Rock Creek will either develop and lease or sell outright.
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