Search
 

Niche Is Focus for $800M Harrison Street Fund

CHICAGO-Harrison Street Real Estate Partners I LP will focus on senior housing, student housing, self-storage and medical office properties.

By Gina Kenny | Updated on June 13, 2007

CHICAGO-Harrison Street Real Estate Capital, based here, has closed Harrison Street Real Estate Partners I LP. The final closing of the fund was done with a total of $208.5 million in equity, and the total value of the fund is expected to be between $800 million and $1 billion when fully committed, says Christopher Merrill, co-founder and managing director of Harrison.

The fund plans to invest in specialty sectors, primarily including senior housing, student housing, self-storage, parking and medical office properties, Merrill says. Harrison Street decided to focus the fund on niche areas of real estate that are more “fundamental” than “momentum” and “that will fare well even if the economy slows,” he says.

The fund is more than 50% committed and owns or is developing about 40 properties with a gross value of approximately $400 million. There are 10 joint-ventures in the fund, including a $200-million student housing joint-venture with the Preiss Group, based in Raleigh, NC, to construct two student housing communities at the University of North Carolina in Charlotte and one community at the University of Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.