Parmenter Realty Partners Fund IV Raises $304M
To fuel more than $1 billion of acquisitions, Parmenter Realty Partners has closed its fourth investment fund, raising $253 million and rolling in a co-investment of $51 million to push the capital campaign to $304 million at the final close.
The fund was launched in September 2010. The target market is quality office properties with value-add opportunities.
Parmenter Realty Partners Fund IV LP has six commercial properties in the portfolio and is scouring for more assets to acquire at significant discount to replacement cost
"The fund is performing well with a solid cash flow to our investors – right now we’re pleased to be distributing a six percent yield on invested capital," said Andrew Weiss, COO of the Miami-based firm. The fund drew more corporate and public pension funds and offshore investors than previous Parmenter funds as well as its traditional mix of endowment, foundation and family office investors.