News
GRUBB LAUNCHES NEW FUND
July 28, 2011
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| Charlotte-based Grubb Properties raised $50M for its Grubb Southeast Residential Fund II (its second multifamily fund since '09) to acquire Class-B and Class-C apartment communities in the Southeast. The firm's Joe Taylor tells us the fund will make acquisitions through JV equity partnerships. Over the last 10 months, Grubb nabbed $108M in transactions on 10 multifamily communities in North and South Carolina, Tennessee, and Georgia. Apartment communities that have been acquired to date by the new fund include Sterling Forest (formerly Riverwoods, above) in Raleigh for $10M and Sterling Oaks (formerly Aviara Oaks) near Atlanta for $8M. Grubb will spend about $1M per property on renovations and improvements. Joe says the company will on high-employment areas with a concentration of folks between the ages of 20 and 34. |
