Regent Properties has closed on more than $300 million in equity commitments for its latest commingled real estate fund, Regent Office Fund II. The total equity haul represents a roughly 50 percent increase on the Los Angeles-based investment firm’s original fundraising target.
According to a release by Regent, investors in the vehicle include Caxton Alternative Management, BlackRock and other large institutional investors and high-net-worth family offices. Last September, the firm held a first close on $60 million in commitments just four months after the fund’s launch.
On behalf of its new fund, Regent is actively acquiring undervalued office buildings in Dallas, Phoenix, San Diego, Las Vegas, and other cities throughout the western US. Single asset acquisitions typically range from $15 million to $75 million and, since commencing the strategy, Regent has acquired a portfolio of nine properties totaling more than $250 million.
“Our success in fundraising is a result of our current strategy resonating with investors, which in turn are demonstrating confidence in our consistent ability to identify and select compelling value-added opportunities and execute our business plan successfully through realization,” said Eric Fleiss, president, in a statement.
Established in 1989, Regent has transformed from the real estate arm of the Kohl family office to a multi-faceted real estate investment management platform with more than $750 million in assets under management. The firm has acquired, developed, financed and/or managed more than $3 billion in real estate transactions nationally, encompassing more than 12 million square feet of retail, commercial, residential and mixed-use projects and 14,000 acres of master planned communities representing 34,000 lots.