Crescent Real Estate has been busy allocating $ 250M of capital from its GP Invitation Fund II, which closed in April. Crescent has his eyes on the southern United States and he considers that the assets of hotels, offices, multifamily housing and for seniors are attractive for development and investment prospects.
Courtesy of Crescent Real Estate Crescent Real Estate Co-CEO Jason Anderson said, “As we implement capital, a typical structure would be that the fund would own 10% to 20% of any given asset, and then we will complete the equity balance, either with our investor base or with others.” In his statement, he also said that they will continue to raise capital on a basis of agreement by agreement to reach that $ 4B of assets.
This is the second fund of its kind under Crescent’s umbrella in the last four years. And just like the previous Crescent I GP Invitation Fund, Fund II already has a high demand; seven investments have been made. With the latest fund, Crescent aims to boost $ 250 million in investment dollars. Fund II will focus a bit more than the first on real estate development, but it is generally the same type of investment as Fund I in general.
Crescent’s history has always been in the south/southwest, they have been very demographic. He stated that they are also doing a decent amount of housing for seniors that they have been doing and hope to do in Fund 2.
Fund II closed in April and, to date, has invested in a 473-room Westin Riverwalk hotel in San Antonio and a 1.1M SF office portfolio in Colorado Springs.