American Real Estate Partners (AREP) has raised $309 million for its Strategic Opportunity Fund IV, which will target both residential projects and data centers.
The Virginia-based firm said that 80 percent of the fund will be utilized to expand its data center platform PowerHouse, which offers cloud service providers real estate solutions in the northern region of the state. Also, for data centers, the investments will target infrastructure in the sector.
Along with PowerHouse, which the company debuted in 2022, AREP's expansion into the data center space dates back to 2016, when it purchased nearly 1.8 million square foot Quantum Park, in Ashburn, Virginia.
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