The fund will target niche real estate such as manufacturedhousing communities, "Main Street" infill retail and mixed-useproperties and some parking assets in high barrier locations,Goldman says. "We try to do things that we think are really valueadded where you have to have specialized market objectives," hesays.

The firm tends to focus on assets with a gross investment ofbetween $20 million and $40 million, but will do both deals smallerand larger than those amounts, Goldman tells GlobeSt.com. "We aretending to be more effective with smaller capital assets," he says.The first acquisition was a manufactured-housing property inFlorida that it acquired for "a little over $40 million," he says.Goldman would not give specifics on the property except to say thatit is a "trophy, five-star, senior property in Florida." GreenCourt also has "several hundred million dollars of investments thatwe are working on," he said, with properties under contract,negotiations and letter of intent negotiations. The typical holdperiod for the assets is "seven years after we have completed allof our investments," Goldman says. Green Courte expects to havefully committed the fund in a three-year time period, he says. Thefirm tries to have an average yield in the "upper teens" on a grossbasis as "We are trying to deliver a mid-teens return to ourinvestors," he says.

Green Courte started a second fund because the first fund wasnearly fully completed and "we still see a lot of opportunity inthe market primarily pursuing the same strategies that we had inthe first fund," Goldman says. The firm's first fund had raised$120.5 million in equity and has committed more than $500 millionto niche real estate investments. There are still a few projects indevelopment for the first fund. Many of the investors for the firstfund have invested in the second fund and have invested largeramounts then they invested in the first fund, he says. Earlier thisyear, the firm invested $47 million in three retail projects forits first fund, as previously reported by GlobeSt.com. The firmacquired 12 retail buildings with a total of 50,499 sf in thehistoric downtown district of Long Grove, IL, invested in a50,076-sf transit-oriented development in Lake Forest, IL andacquired a 90% joint venture interest in the Alpenglow mixed-useproject in Steamboat Springs, CO.