LOS ANGELES – January 14, 2016 – CBRE Global Investors announces the final closing for CBRE Wood Partners Development 4, LP (Wood 4), a multifamily development fund with equity commitments of $411 million – exceeding its capital-raising target.
Wood 4, which is closed to new investors, is a continuation and evolution of the Strategic Partners U.S. multifamily development program that capitalizes on a programmatic relationship with Wood Partners, an industry-leading multifamily developer and operator. The fund is expected to develop, lease and sell state-of-the-art multifamily communities in infill “live/work/play” neighborhoods within select U.S. markets, making investments with total projected development costs of $1 billion, including leverage.
Capital has been committed by five investors from North America and Asia, four of whom are repeat investors from the previous funds in the series. The fund is already 40 percent invested in three properties representing 1,400 units in Chicago, Washington, D.C., and the Plano/Richardson submarket of Dallas.
“With our focus on high job growth markets that also have a high cost of home ownership, we continue to see excellent opportunities in the multifamily sector, especially in neighborhoods with locational amenities that appeal to baby boomers and millennials,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “We intend to execute on market-leading strategies in community design and operations, developing institutional-quality properties nationwide.”
The closing of Wood 4 brings the total capital raised in this development fund series to more than $1 billion with total investment capacity of $2.6 billion.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.