LOS ANGELES—Tryperion Partners has closed itsTryperion RE Fund II, a $50 million investmentvehicle. This is the firm's second fund in the last two years, and is expected tohit the $75 million mark in subsequent closings. The fund isfocused on sub-institutional and value-add opportunities in theMidwest and West markets.

“Our focus is on value-add deals because they offer the mostcompelling risk-adjusted returns,” Eliot Bencuya,partner at Tryperion, tells GlobeSt.com. “Buying and stabilizingproperties at higher cap rates, coupled with the availability ofattractive financing, results in compelling cash-on-cash yields forour investors. And although Tryperion may certainly executedeals on a direct basis, we value joint ventures with best-in-class operators that haveexperience in a specific market and property type. Thesejoint-venture partner relationships are a critical component to thefirm's success.”

The fund's individual acquisitions will range in price from $10million to $45 million. “The markets we target generally have adiversified economy, with one or more anchor industry,” saysBencuya. In the past, Tryperion has found its ideal properties insubmarkets like St. Louis, Minneapolis, Phoenix andSan Antonio, and according to Bencuya, the firm iscontinuing “to search the West and Midwest for similarprofiles.”