Savanna Closes Nearly $600 Million NYC-focused Real Estate Fund

Savanna purchased the property at 19 W. 44th St. in October 2017.

NEW YORK CITY—Savanna, a New York City based real estate investment firm, completed its largest fundraise to date. With $591 million of capital, the closing achieved the upper end of its initial target of up to $600 million and is over 30% larger than the prior fund in the firm’s value-add series. Investors include public and private pension funds, insurance companies, high net worth family offices, foundations, and wealth management companies from North America, South America and Europe.

The fund will be focused exclusively on investments in the five boroughs of New York City and will be a continuation of the firm’s strategy to acquire older properties and add value, repositioning them with capital improvements and leasing efforts.