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Tuckerman to Build $400M in Multifamily Assets

NEW YORK CITY-The State Street Corp. subsidiary has deals in the works for apartment community projects in the South Florida, New England, Southern California and Washington, DC markets. Closings are expected by year's end.

By Glen Thompson | Updated on August 21, 2002

NEW YORK CITY-Purchase, NY-based the Tuckerman Group yesterday told investors that it will spend roughly $400 million on ground-up multifamily construction projects through its newly closed Multi-Development Program III. The fund has capital commitments of nearly $85 million from individual and institutional investors, including its parent company, Boston-based State Street Global Advisors, and will leverage those funds up to 80%.

Tuckerman managing director Glen Weisberg tells GlobeSt.com that the firm has already targeted opportunities in the South Florida, New England, Southern California and Washington, DC markets. While he will not reveal specifics, Weisberg says he expects several deals will close by year’s end.

Holding periods for the properties are expected to be “relatively short” Weisberg notes. “In general, we are looking for a sale upon completion, stabilization, lease up, that kind of thing,” he adds.

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