"We will execute cutting edge investment and development strategies in targeted, robust urban communities across the United States. This is the niche for which UrbanAmerica is known and to which we are committed," says Richmond S. McCoy, president & CEO of UrbanAmerica.

McCoy tells GlobeSt.com that partnering with Fisher was a natural extension of work the pair had teamed on for Fund I. "We got along well. This allows us to each capitalize on our strengths." This fund will focus on housing because "there is a strong demand for quality housing. We'll make this an efficient process. We can control it all."

The nationally focused Fund II is a value-added offering, projecting mid-teens returns to investors that with leverage, is set to develop and acquire a $1-billion portfolio. Fund II will focus its energies on additional investment and development opportunities, of much larger size including its existing "life sciences" niche, office product retail and residential developments.