Continental Realty raises $164.4m for value-add fund

The Baltimore-based real estate investment management firm plans to continue with its strategy of investing in multi-family and retail real estate.  

Continental Realty Corporation, a Baltimore-based real estate investment management firm, has raised $164.4 million at final closing for its latest value-add real estate fund.

Continental Realty Fund IV is the fourth in the series of value-add funds launched by the firm to make investments in multi-family and retail opportunities. The equity is understood to have been raised from a broad range of US investors, including investment advisors, institutional investors, high net worth individuals and endowments.

The fund has been formed to acquire a diversified real estate portfolio of properties located throughout the Mid-Atlantic and southeast regions of the country, according to a company statement.

“Our team continues to evaluate attractive multi-family and retail opportunities throughout our target markets, and this closing provides us with continuing capacity to acquire assets that match the value-add characteristics of our latest real estate fund, “ said JM Schapiro, chief executive officer of Continental Realty Corporation.

Gene Parker, the firm’s president further added: “Continental Realty Fund IV leverages Continental’s in-house and vertically –integrated management team, which is comprised of a complementary blend of financial, investment research, leasing and management professionals…”

CRC Fund III, the third in the series, closed on $78.6 million in 2012. So far, 12 investments have been made via the fund. According to Schapiro, as many as 1900 value-add investment opportunities were reviewed to deploy the fund’s capital. The latest acquisition via the fund was made in January this year, when the firm acquired a 126,000 square foot shopping center in Florida for $10.1 million.

The firm currently owns and manages a real estate portfolio valued at over $1.5 billion. More than 8,000 apartment homes and 3 million square feet of retail space is under its management, according to a company statement.