Evergreen invests $750m in Florida RE

The private equity real estate fund managed by M3 Capital Partners will focus on development projects in the US state’s residential and commercial sectors.

Evergreen Real Estate Partners, the private equity real estate fund managed by Chicago-based M3 Capital Partners, has committed $750 million (€529 million) to Palm Beach Gardens, Florida-based real estate developer Kitson & Partners for residential and commercial real estate developments in Florida.

“In a tight credit market, land owners are looking for certainty,” Kitson & Partners chief executive Syd Kitson said in a statement. He added that it is targeting high-quality locations throughout Florida including raw land, entitled land and improved or semi-improved land for residential development.

Kitson & Partners is currently developing 21,270 acres in the state, to comprise 25,770 residential units. It is also looking to acquire stabilized and value-added shopping centers as well as development opportunities.

Evergreen Investment Advisors was created by M3 Capital Partners in 2005 to manage private equity real estate fund, Evergreen Real Estate Partners. The vehicle is capitalized with equity commitments of more than $1.5 billion. The value-add fund, which invests globally, targets joint ventures with private real estate operating companies.