BY KALI PERSALL
North Carolina–based Grubb Properties raised more than $300 million for two real estate funds in 2019, including $140 million for its Qualified Opportunity Fund (QOF) and $160 million for its Southeast Real Estate Fund VI.
The company, which specializes in multifamily and office properties, said it expanded to new markets where it sees elements of strong resiliency with the capital raise.
The QOF has made five acquisitions to date, including commercial properties in Chapel Hill, N.C.; Alexandria, Va.; and Columbus, Ohio; as well as multifamily development projects under the company’s Link Apartments brand in Washington, D.C., and Winston-Salem, N.C. The fund also has two properties under contract in Charlotte, N.C.
Fund VI has acquired commercial properties in Fairfax, Va., and Smyrna, Ga., along with multifamily properties in Winston-Salem, Charlotte and Atlanta.
“We are proud of the new relationships we have built and the promising projects we have acquired in both these funds,” said Clay Grubb, CEO of Grubb Properties. “We look forward to continuing to enhance communities with housing options that are more affordable to many of the folks being priced out of urban areas today.”
Grubb Properties said in a statement that it plans to launch another QOF this year to take advantage of a “strong pipeline of projects” in opportunity zones.
Grubb Properties has completed more than $2 billion in investment transactions, including seven private equity real estate funds. Properties have encompassed more than 4 million commercial square feet and more than 15,000 residential units in both acquisition and development programs, focused in the southeastern United States.
Since 2002, the company has completed more than $1 billion real estate investment transactions.