The purchase was made as part of the company's second equityfund of about $300 million, says Iker Gorricho, a senior vicepresident with the company. "We're about 60-70% into the secondfund, and we're looking to fund three now," he says.
The purchase marks the company's first foray into theMinneapolis market, "We were able to acquire a portfolio from coreto value add," Gorricho tells GlobeSt.com. "Minneapolis seems to betrending from 2003's 7-8% vacancy rates to below 6%, it's a marketthat's good to expand into."
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